Savannah, GA – The Net Lease Group (NLG) arranged the sale of 445 Northport Parkway, a 1,001,508 square-foot warehouse and distribution facility in Savannah, GA.
Esmael Hill, Managing Principal of NLG, arranged the transaction on behalf of Clayco Realty Group (CRG), the real estate development arm of Clayco. The property was acquired by Griffin Capital for $56.5 million.
The facility is situated on 69.7 acres within the Northport Commerce Center, roughly seven miles from the Port of Savannah. The property is leased to Shaw Industries and will serve the expanding operations of Shaw in the Savannah area. Shaw, headquartered in Dalton, GA, is one of the largest flooring manufacturers in the world supplying carpet, resilient, hardwood, laminate, tile and stone flooring to residential and commercial markets worldwide.
445 Northport is part of a two-property portfolio leased to Shaw Industries that includes the neighboring 832,000SF facility at 590 Northport, which was also developed by CRG and sold by NLG in the 1st quarter of the 2018. Additionally, NLG arranged the capital for the development of both properties.