Sale and acquisition financing arranged for Hanon Systems Build-to-Suit industrial property

ATLANTA, Sept. 19, 2024 – JLL Capital Markets announced today the sale and acquisition financing secured for 8540 Zell Miller Road – a fully occupied Class A light manufacturing and distribution facility in Statesboro, Georgia, an extension of the established Savannah, GA industrial market.

JLL represented the seller, a partnership between Graham Capital and Chesterfield, while Spaulding & Slye Investments acquired the property. JLL also arranged the acquisition financing with Seacoast Bank on behalf of the new owner.

The property is strategically located 1.1 miles from Highway 301, 7.2 miles from I-16 and 34.9 miles from the Hyundai Metaplant, positioning it to serve both the Metaplant and the broader Savannah market.

Spanning 112,011 square feet, the institutionally designed facility features a 32-foot clear height, multi-sided loading, 11 dock-high doors, two drive-in doors and 14,880 square feet of office space. It is 100% leased to Hanon Systems Alabama, Corp., a subsidiary of Hanon Systems and a full-line thermal and energy management solutions provider.

Completed in April 2024, this build-to-suit project was designed for assembling HVAC products, radiators, condensers, heat exchangers and battery heating and cooling products for automobiles, primarily serving the nearby Hyundai Metaplant. The lease includes two expansion options for the tenant: a first option of 68,000 square feet and a second option of 145,600 square feet.

The JLL Investment Sales and Advisory team was led by Directors Jim Freeman and Anthony Walters, Senior Managing Directors Britton Burdette, Dennis Mitchell and Matt Wirth and Associate Bo Osgood. The JLL Debt Advisory team was spearheaded by Senior Director Bobby Norwood and Senior Managing Director Mark Sixour.

“Savannah's industrial market is experiencing exceptional growth, driven by record-high cargo volumes at the Port and new operations entering the market to supply the Hyundai Metaplant,” said Freeman. “The market has seen strong fundamentals and rental rate growth over the past two years and boasts one of the highest levels of tracked tenant demand as a percentage of inventory in the country.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Graham Capital is a real estate investment company based in Birmingham, Alabama, focused on the acquisition and development of highly functional distribution centers in high-growth Southeastern industrial markets, which continue to experience above-market rent growth, high barriers to entry, and the deepest demand among institutional investors. www.graham-capital.com/

Chesterfield specializes in the development of class A industrial, manufacturing, and office projects throughout the southeastern United States. In each phase of the development process, we utilize our extensive experience to assist our clients in minimizing risk and maximizing value through cost controls, efficient scheduling, selection of the right design and construction teams, and management of the entire project from start-to-finish. We place our utmost attention to every detail to ensure the program requirements are achieved within the budget and schedule, and at the highest quality standards. Our development services include Site Selection & Acquisition, Financial Structuring and Securing of All Debt & Equity, Leasing & Purchase Options, Site Due Diligence, Permitting and Entitlements, Project Feasibility & Master Planning, Project Budgeting & Scheduling, Design and Construction Team Selection & Management, Project Closeout, Occupancy and Commissioning.

Founded in Boston in 1966, Spaulding & Slye Investments (“SSI”) has grown from a venerable East Coast real estate company into a prominent national investment and advisory firm, with approximately 4.5 million SF of development and operating assets under management. SSI is dedicated to achieving superior risk-adjusted returns and creative capital solutions for our investors and clients, through opportunities in the country's most dynamic real estate markets. In addition to principal investment, SSI provides a range of tailored, integrated services to meet today’s CRE ownership challenges. www.ssinvests.com.

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida, with approximately $14.8 billion in assets and $12 billion in deposits as of March 31, 2024. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 77 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. For more information about Seacoast, visit www.SeacoastBanking.com.