Invesco Real Estate has awarded Lincoln Property Company Southeast (Lincoln) the management assignment for Georgia International Trade Center’s (GITC) Building 2B, growing Lincoln’s Savannah portfolio to roughly 2 million square feet. Kim Steward, senior portfolio manager and industrial lead for Lincoln, will oversee the assignment.
“After being selected to manage another portion of the GITC development last year, we have been focused on growing our footprint in the area, especially as population growth and a booming e-commerce sector has led to increased demand for industrial assets in well-located Sunbelt cities like Savannah,” said Lincoln’s Senior Vice President of Management Services Shane Froman. “GITC presents an unbeatable opportunity for industrial users that require immediate access to the Port and surrounding markets in the Southeast, and we look forward to working with Invesco to continue to attract and retain top users.”
Building 2B is a 1.1 million-square-foot industrial building within Savannah’s rail-served industrial and manufacturing park. Upon completion, GITC will be able to accommodate up to 7.2 million square feet of light industrial development, with buildings ranging in size from 155,000 to 1.26 million square feet. Located within 10 miles of Georgia Ports Authority Garden City Terminal, Building 2B provides tenants with immediate access to the largest single-terminal container operation in the country, as well as one-of-a-kind intermodal infrastructure located on the terminal’s site and served by CSX Transportation and Norfolk Southern Railroads.
GITC is located in Effingham County, which boasts one of the fastest population growth rates in Georgia. In addition to providing connectivity to rapidly growing markets and several major metropolitan areas throughout the Southeast, Effingham County offers a number of local incentives through the Effingham County Industrial Development Authority, including tax assistance and abatements, site development contributions and a wage rate that is lower than the U.S. average. Numerous state incentives include a $1,250 Job Tax Credit per new job each year for five years, for at least 25 net new jobs.