JLL Capital Markets led $80 million financing efforts for McCraney’s newly-constructed Main Gate industrial park in Savannah, GA

  

 Melissa Rose 

 MIAMI, FL –  JLL Capital Markets announced today that it arranged financing for Main Gate Logistics, a newly-delivered, Class A industrial park totalling 1.27 million square feet in Savannah, Georgia.

 

JLL worked on behalf of the borrower, McCraney Property Company, to secure the $80 million senior loan which featured an A-B note structure.

McCraney CEO Steven McCraney shared, “We are pleased with the execution of Melissa Rose and the JLL Team. As the markets were tightening, they provided a great result.”

Steven McCraney

The project was developed in two phases. Phase I was comprised of two fully leased, Class A distribution centers with 32- and 36-foot clear heights.

 Phase II was comprised of two recently completed rear-load, Class A distribution centers with 32-foot clear heights.

Phase II delivered into an industrial market that is among the strongest nationwide, featuring 4.7% vacancy, 21% rent growth since 2021, and over 10.4 million square feet of net absorption year-to-date.

Michael DiCosimo 

The property is situated on an infill, core location approximately eight miles from the Georgia Port Authority, the largest single-container facility of its kind in North America and the fastest-growing and second busiest port in the nation.

McCraney Property Company (MPC) has established a long-term dedication to Savannah and is among the most prominent developers in this market.

 

 MPC has developed another two-building industrial asset in Savannah (95 Logistics at Pooler Parkway) and is currently underway on a multi-phase project totalling over 4.5 million square feet (Logistics 16 at Ottawa Farms).

 

 Phase I of Logistics 16 is actively leasing and consists of three buildings totalling over 1 million square feet. MPC’s established presence and interest in the Savannah market has allowed the firm to create strong local relationships across contracting, leasing and tenant outreach, benefitting the business plan for MPC’s projects and local community alike.

 Mateo Bolivar

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Melissa Rose, Director Michael DiCosimo and Analyst Mateo Bolivar.

“We are thankful to the McCraney Property Company for entrusting us with a challenging off-construction refinance assignment in the current capital markets environment. The success of this financing was driven by the resilient demand for cash-flowing industrial assets and our lender’s ability to accept creative structuring around the active lease-up potential of the asset,” said Rose.

CONTACT:

 

Alli Stent (Semans)

PR, Hotels & Hospitality, Capital Markets

JLL
M +1 330 329 6750