A&B acquires Savannah logistics facility

A&B acquires Savannah logistics facility Alexander & Baldwin Inc., the Honolulu-based parent firm of Jones Act carrier Matson Navigation Co., said today it has acquired the 1-million-square-foot Savannah Logistics Center, in Savannah, Ga.
   Located on a 60-acre site about five miles northwest of downtown Savannah, the facility was purchased from Atlanta-based Oakmont Industrial Group. The $50 million deal, which closed Feb. 26, is A&B's first real estate investment east of the Mississippi.
   A&B also said it has leased the majority of the two-building park, through its Matson Global Distribution Services subsidiary, to Pawtucket, R.I.-based toy manufacturer Hasbro.
   Matson Global leased the 711,000-square-foot main building at the Center from A&B's real estate arm, A&B Properties, as part of a multiyear agreement to provide logistics, warehouse and distribution services to Hasbro.

The Savannah Logistics Park main building. Courtesy the Savannah Economic Development Authority.

   The toy maker will use the facility to support its logistics operations in the U.S. Southeast. Built in 2007, the concrete tilt-up main building features 142 truck docks, 32-foot-high ceilings, and parking/storage spaces for 345 trailers or vehicles.
   The Savannah acquisition boosts A&B Properties' commercial property/investment portfolio to 7.6 million square feet of retail, office and industrial space located in Hawaii and eight mainland states.