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LBA Logistics Acquires 491329 Square Foot Industrial Building From Lowe's For $46M

Property Image
SOLD
$46,000,000
Jim Freeman
Dennis Mitchell
Britton Burdette
+ 2

Georgia

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Industrial491,329 SF
Sold 02/14/2025
the dealplayerscompscontact
Property Image
SOLD

LBA Logistics Acquires 491329 Square Foot Industrial Building From Lowe's For $46M

50 Innovation Drive

See Similar Deals
Industrial491,329 SF
Sold 02/14/2025
Jim Freeman
Dennis Mitchell
Britton Burdette
+ 2
the dealplayerscompscontact
Contact now

Summary

GEORGIA
Asset Type:Industrial
Price Per Square Foot:$93
Total Square Footage:491,329 SF
Transaction Type:Sale

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:

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.

Players

Dennis Mitchell
JLL
Dennis Mitchell
19 deals$1.2B volume
BROKER
Britton Burdette
JLL
Britton Burdette
19 deals$1.3B volume
BROKER
Jim Freeman
JLL
Jim Freeman
14 deals$911.7M volume
BROKER
Bob Currie
JLL
Bob Currie
1 deal$46M volume(404) 995-2280
BROKER
Tim McCarthy
JLL
Tim McCarthy
1 deal$46M volume(404) 995-2425
BROKER

Details

SOLD
IMAGE: 02/14/2025 ADDRESS: 50 Innovation Drive MARKET: Savannah, GA ASSET TYPE: Industrial BUYER: LBA Logistics SELLER: Lowe’s BROKERS: Bob Currie, Britton Burdette, Dennis Mitchell, Jim Freeman & Tim McCarthy - JLL SALE PRICE: $46,000,000 SF: 491,329 ~ PPSF: $94 NOTE: LBA Logistics acquired a 491,329-square-foot Class A industrial building in Port Wentworth, GA, from Lowe’s for $46M, with JLL representing the seller. The sale comes amid strong industrial demand in the Savannah-Hilton Head market, which saw $455M in transactions last year, driven by the Port of Savannah’s rapid growth.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,453,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$163,428.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$218,063.47
Annual Debt Service$2,616,761.62