PRP developed a 600,000-square-foot, rail-served bulk industrial building featuring a 32-foot clear-cross dock facility after acquiring it along with a local developer in 2009. Located on I-16 and close to the Port of Savannah, the East Coast’s second largest container port, 100% of the property was leased to one of Canada’s largest furniture manufacturers. The asset was sold in 2016 to a core buyer, creating a 2x return.
Acquired from a subsidiary of Airbus, PRP executed a multi-phase strategy: fully renovating the property; replacing the skin, roof and base building systems; selling off excess land to create interim returns for investors; and entering into a ten-year lease with Amazon in advance of this facility becoming the headquarters for their cloud computing operations. Possessing dual power, dual fiber and fully conditioned, this asset sold to CalSTERS for the lowest cap rate paid for a data center in the U.S. Amazon has invested more than $50MM into its build-out to date.
This single-tenant facility was acquired from a long-term owner that was in need of liquidity. The asset is rail-served and adjacent to Columbia International Airport. It was leased to a leading third-party logistics firm with rents 40% below market rates at the time of acquisition. PRP renewed the tenant at market rents, thereby positioning the asset for sale to an institutional investor. The property sold in 2013, far exceeding initial projected underwritten return.