SAVANNAH, Ga., May 18, 2022 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced today the acquisition of 195 Nordic Way, 230k square foot single-story industrial building located in Savannah, GA.
195 Nordic Way is located along Jimmy Deloach Parkway and is positioned withing the 10-mile drayage radius of the Port of Savannah. The property is also located 1.5 miles from I-95 and 7 miles from I-16.
Nick Vician, TerraCap Director of Business Development and Strategic Initiatives, said, “This acquisition is the culmination of focused research into the supply chain, international trade dynamics, and port efficiency across the United States. We believe the Port of Savannah offers the greatest long-term value of any port in the United States, and we are thrilled to own what we believe to be one of the best-located industrial assets in the market. In line with our research, we are excited to watch the already-strong market demand for industrial space in Savannah continue to grow as a result of the efficient port, lower lease rates compared to other ports across the country, and the accessibility to 80% of the United States population within a two-day drive. TerraCap is excited to kick off what we believe will be a long-term investment strategy in Savannah with this acquisition.”
TerraCap is acquiring 195 Nordic Way at 100% occupancy. The property is occupied by Port City Logistics, the previous owner of the building. TerraCap and Port City Logistics executed a sale-leaseback for Port City Logistics to occupy the building.
Steve Hagenbuckle, TerraCap Founder and Managing Partner, said, “We are pleased to work with Port City Logistics, the seller/tenant of this industrial property, which our research shows to be well located in high-occupancy Savannah. They will self-manage the property under our ownership after the sale-leaseback. This is a reflection of TerraCap’s openness to developing strong flexible relationships in Savannah’s Industrial Port Market.”
The seller, Port City Logistics, was represented by Casey Masters and Stewart Calhoun of Cushman & Wakefield.