Crestlight Capital & GEM Realty Capital Purchase Savannah Portside Industrial Portfolio
Crestlight Capital & GEM Realty Capital Purchase Savannah Portside Industrial Portfolio
FOR IMMEDIATE RELEASE
May 15, 2024
Media Contact: Susan Hancock
|Abshire Public Relations
912.695.7881
Savannah, GA – Crestlight Capital, in partnership with GEM Realty Capital, recently announced the acquisition of Savannah Portside II, a Class A, newly constructed, state of the art, 1.2 million square foot distribution warehouse located 19 miles from the Port of Savannah, the fastest-growing and third-largest port in the nation. The partnership also acquired the adjacent Savannah Portside I building in September 2023. In total, the Savannah Portside Industrial Portfolio spans over 2.3 million square feet.
“Long term, we see tailwinds in the industrial sector and the burgeoning Savannah market. We are excited to partner with GEM Realty Capital to acquire our second asset together here. Over the past decade, the Savannah industrial market has witnessed an 84% increase in rents. With billions in continued infrastructure investment, we believe the Port is in the middle innings of growth as volume is expected to continue increasing,” stated John Coury, Managing Partner of Crestlight.
The two buildings in the portfolio, located at 201 and 301 Savannah Portside International Parkway in Bloomingdale, are 100% occupied by two tenants. Crestlight and GEM have retained CBRE to manage and lease the buildings.
About Crestlight Capital
With offices in Atlanta, Detroit, and New York City, Crestlight Capital is a commercial real estate operating platform that invests in existing, high-quality industrial, office, and mixed-use commercial assets within the United States, particularly high-growth markets in proximity to innovation and education hubs. Principals at Crestlight have $18 billion of commercial real estate experience over the past decade. Since 2021, Crestlight has acquired over $800 million of industrial and office properties. For more information about Crestlight Capital, visit www.crestlightcap.com.
About GEM Realty Capital
Founded in 1994, GEM Realty Capital is a Chicago-based, strategically integrated real estate investment company with over $6 billion in assets under management. GEM’s platform invests in private-market real estate assets, publicly traded real estate securities, and non-controlling interests in private real asset and infrastructure companies across multiple business lines.. For more information on GEM Realty Capital, visit https://gemrc.com/.
