Updated Feb 17, 2025
LBA Logistics Acquires 491329 Square Foot Industrial Building From Lowe's For $46M
50 Innovation Drive
$46,000,000
$93/SF
Building Size
491,329 SF
Asset Type
Industrial
Closing
Feb 14, 2025
About this deal
AI
LBA Logistics acquired an industrial asset located at 50 Innovation Drive in Port Wentworth, GA. This Class A industrial building spans 491,329 square feet and was purchased for a total of $46,000,000, equating to a price per square foot of $94.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $46,000,000
- Sale Date: 02/14/2025
- Market: Savannah, GA
- Square Footage: 491,329
- Price per Square Foot: $94
- Buyer: LBA Logistics
- Seller: Lowe’s
- Brokers: Bob Currie, Britton Burdette, Dennis Mitchell, Jim Freeman & Tim McCarthy - JLL
The transaction involved multiple brokers from JLL, representing Lowe’s in the sale of the property. This acquisition occurred in the context of strong industrial demand within the Savannah-Hilton Head market, supported by significant transactions and the growth of the Port of Savannah.
On the Map
$46,000,000
$93/SF
Industrial
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Players
Port Wentworth Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93