Good news for Savannah Port & Industrial Real Estate
Feb 13th
The Panama Canal is due to finish is widening in 2014 but recent strikes & other delays could push this date out. Savannah is hoping to ready for the Panamax ships by 2016.
The full GPA press release on additional government funding is below:
Presidential Budget Gives Additional Boost to Savannah
Deepening
Final Approval is Expected in Coming Months
Savannah, Ga. – February 13, 2012 – The President’s fiscal year 2013
Civil Works budget released today included $2.8 million for the Savannah Harbor
Expansion Project (SHEP).
“The funding announced today, along with more than $180 million in state funds
that have either been committed or budgeted, will allow this project to stay on
track,” said Georgia Governor Nathan Deal. “We plan to work closely with the
Army Corps of Engineers to ensure this project is approved and the necessary
funds are in place to begin construction in the coming months.”
“This is an important step toward completing the SHEP and providing continued
economic rec overy and growth in the Southeastern U.S,” said Curtis Foltz, GPA’s
Executive Director. “The unified leadership shown by our delegation in
Washington, as well as the teamwork between Governor Nathan Deal and Atlanta
Mayor Kasim Reed are the major reasons this project has received so much bi-partisan
support.” 
The completed SHEP study is expected to receive a record of decision later this
year, allowing the Corps to move to construction phase of the harbor deepening
in FY 2013.
“The completion of the SHEP will have long-term positive economic benefits for
Georgia, South Carolina, and a large percentage of the U.S. population served
through the Port of Savannah,” said Alec Poitevint, GPA’s Board Chairman. “As
the fourth largest container port in the country, the Port of Savannah serves
approximately 21,000 companies in all 50 states, over 75 percent of which are
headquartered outside of Georgia. This is truly a project of national
significance.”
According to the Corps, deepening the Savannah Harbor up to 48 feet will bring
more than $115 million in annual economic benefits to the United States,
primarily by lowering transportation costs. The harbor project is necessary to
prepare for a new class of larger container ships that are nearly three times
the capacity of those currently able to transit the Panama Canal. In 2014, the
Panama Canal expansion will be completed and increase the maximum draft of
vessels traveling to and from the U.S. East Coast from 39.5 feet to as much as
50 feet. While the Port of Savannah regularly handles vessels that are too
large to transit the Panama Canal, these vessels cannot load to their capacity.
“The Corps should release the final study documents this spring, clearing the
way for federal approval of the project,” Foltz said. “Once construction
begins, we anticipate the deepening to be completed in 2016.”
The Port of Savannah also fared well on maintenance dredging funds, receiving
$22 million in federal dollars. Similarly, the Port of Brunswick received $3
million for maintenance dredging. The GPA will work with Georgia’s leadership
to request additional maintenance dredging funds for Brunswick.
Georgia’s deepwater ports and inland barge terminals support more than
295,000 jobs throughout the state annually and contribute $15.5 billion in
income, $61.7 billion in revenue and $2.6 billion in state and local taxes to
Georgia’s economy. The Port of Savannah was the second busiest U.S. container
port for the export of American goods by tonnage in FY2011. It also handled 8.7
percent of the U.S. containerized cargo volume and 12.5 percent of all U.S.
containerized exports in FY2011.
For additional information, please contact GPA’s Senior Director of External Affairs Robert Morris at (912) 964-3855 or rmorris@gaports.com.
Visit the GPA web site at www.gaports.com
Rex Benton is a Savannah Commercial Real Estate realtor with NAI Savannah, the commercial division of Mopper-Stapen, Realtors and is a contributing columnist for “BiS-Business In Savannah” weekly business publication and is an active blogger. www.naisavannah.com 912-358-5600 Office Space, Retail Space, Industrial Space, Investment Real Estate Sale
NAI Savannah arranges SCAD purchase of MLK Boulevard building
Jan 26th
The Savannah College of Art and Design recently purchased its sixth property on Martin Luther King Jr. Boulevard, adding the building that’s long housed the college’s media and performing arts school to its portfolio of downtown properties.
SCAD paid $2.6 million for the building commonly known as Crites Hall and located at 217 MLK just south of Oglethorpe Avenue. The college had leased the property since 2000 and has made more than $2 million in improvements, according to Chatham County property records.
The building, built in 1906, is valued at $4.2 million
SCAD’s executive director for design and new construction, Martin Smith, could not be reached for comment.
The college utilizes close to 50 buildings in the Historic District and owns many of those. SCAD has had a Martin Luther King Boulevard presence since the 1980s, and the centerpiece, the SCAD Museum of Art, opened in November. The $26 million project was built from the historic ruins of the Central of Georgia Railroad Depot.
SCAD bought Crites Hall from lender GE Capital, which foreclosed on the property earlier this
year. The building was previously owned by developer Jeff Notrica.
Crites Hall measures 39,000 square feet and includes classrooms, lecture halls, dance studios, a set design shop, offices, conference rooms and a 150-seat theater spread over four floors plus a finished basement.
NAI Savannah was the sole brokerage in the the deal led by agents Rex Benton and Dicky Mopper and represented GE Capital.
Savannah’s Mopper-Stapen, Realtors separates commerical arm, NAI Savannah, and auction services
Jan 25th
by Adan Van Brimmer, Savannahnow.com
Mopper-Stapen Realtors made its name as a residential brokerage, capitalizing on the historic district’s renaissance over the last 31 years.
The firm was founded to serve the commercial sector, however, and has always been a player in the retail, office and industrial markets as well as in housing.
To better market all the services the company offers, Dicky Mopper has broken the firm he and partner Mike Stapen started into three parts: Mopper-Stapen, Realtors on the residential side; NAI Savannah for commercial real estate; and Value Auction Company, which handles both property and estate sales.
“We’ve gotten to the point where we felt like our commercial side wasn’t getting the play it deserves,” Mopper said. “It’s hard to be both a residential and commercial brokerage because if people know you mainly as one thing they question your expertise in the other. So it’s important to differentiate and end the confusion.”
Mopper and Rex Benton head NAI Savannah, with Benton managing the day-to-day operations of the commercial brokerage. Benton is a Savannah native who returned to his hometown four years ago after working 15 years in Atlanta.
Benton helped Mopper affiliate with NAI, an international network of commercial real estate firms with 375-plus offices in 55 countries. Mopper rebranded the firm’s commercial arm as
NAI Savannah in February 2010 with the intention of spinning it off.
The NAI membership gives Mopper, Benton and their five-person team of agents access to NAI’s resources
and contacts.
“Savannah is an international city with the port, and the world has changed with technology,” Benton said. “Before you had pocket listings, where you didn’t need a name that could be recognized beyond your local market behind you. Now everything is global.”
read entire story here: NAI SAVANNAH COMMERCIAL REAL ESTATE
Savannah Economic 3rd Quarter Review & Outlook
Dec 13th
Savannah based Armstrong Atlantic University’s Center for Regional Analysis released it’s 2011 3rd Quarter Economic review & outlook.
With 7 straight quarters of growth since the end of the recession, our area has fared well with slow but steady growth. The port, tourism, industrial & manufacturing highlight this growth. Steady growth is forecasted through the coming year with a pick up in economic activity in the 1st half of 2012. Read the entire report here:
Savannah Economic Update
Rex Benton is a Savannah Commercial Real Estate agent with NAI Savannah, the commercial division of Mopper-Stapen, Realtors and is a contributing columnist for “BiS-Business In Savannah” weekly business publication and is an active blogger. www.naisavannah.com 912-358-5600 Office Space, Retail Space, Industrial Space, Investment Real Estate Sales
Savannah to Get World Trade Center
Sep 26th
Savannah to Get World Trade Center
Trevor Williams
Atlanta – 09.14.11
Savannah economic developers are pursuing a World Trade Center designation they’re calling a tool for job creation in coastal Georgia.
The Savannah Economic Development Authority board of directors voted unanimously Sept. 14 to apply to become one of more than 330 licensed centers in 98 countries. Atlanta is the only other World Trade Center city in Georgia, though there are more than 50 across the U.S.
The non-profit World Trade Centers Association, based in New York, aims to foster cross-border business and trade by linking metropolitan areas around the world. The organization’s board is expected to put SEDA’s application to a vote by mid-October, said Steve Weathers, SEDA’s president and CEO.
See entire article below…
Savannah Commercial Tenants: Consider Buying vs. Leasing
Aug 29th
Favorable borrowing rates, lower construction costs, add to that the significant drop in property values over the last 3 years, and there is a very strong case for business owners to consider owning their real estate.
SBA FINANCING
If ownership aligns with long term business plans and the tax implications are favorable, a stable business or a collateralized start-up can find favorable financing. Conventional lenders are certainly out there lending money, but Small Business Administration (SBA) loans are coming back into favor for several reasons: 1. Conventional financing now requires more than a pulse to qualify. 2. The SBA has some aggressive programs with improved processes that have made them more user-friendly. 3. Lenders are specializing in SBA loans and know how to get through the process more efficiently. In some cases, they have pre-approval from the SBA to underwrite loans that saves time, so make sure you start this process with a SBA specialist.
The primary SBA loan programs applicable are 504 and 7(a), both of which have received recent tweaks in hopes of spurring growth out of the recession. For as little as 10% down, you can purchase a building and roll in closing costs, all loan related fees, equipment costs, furniture, building improvements, as well as business credit card debt and other existing lines of credit. The loans can be used to buy a business or even refinancing an existing building or other debts. Loan limits have been increased up to $5 Million and terms are usually fixed for 10 or 20 years, much longer than conventional loans.
CONSTRUCTION COSTS
With new construction at a standstill, contractors have had to trim down their profit margins significantly in order to win a job and keep their people working. This can be also said for all the related industries – architects, engineers, etc. Some materials costs may fluctuate, but overall now is an exceptional time to consider building new or making improvements to existing structure that will add value long after the current economic slowdown corrects.
PROPERTY VALUES
I hate having to tell my clients that want to sell this, but nationally values are down anywhere from 35 to 45 percent from their highs in 2007. We are still bumping along the bottom, but in May we saw a 6.3% increase in the Moody’s/REAL Commercial Property Index (CPPI). A plus, this was the first positive move in six months and the largest one-month increase since the index started.
One of the factors of the increase, distressed sales saw an increase of 4.8% and where 27.0% of repeat sales. Property owners that have had tenants evaporate or bought at the height of the market are willing to, as well respected local developer told me, “forget about the cheese and just get out of the trap.” There is just not enough demand to absorb the vacant space and will be this way for some time to come.
Given all these factors, even modestly positioned business owners have an incredible opportunity that we are likely not to see again for a very long time.
Rex Benton is a Savannah Commercial Real Estate agent with NAI Savannah, the commercial division of Mopper-Stapen, Realtors and is a contributing columnist for “BiS-Business In Savannah” weekly business publication and is an active blogger. www.naisavannah.com 912-358-5600 Office Space, Retail Space, Industrial Space, Investment Real Estate Sales
2010 Savannah Visitors (11.2 Million) & Spending ($1.7Billion)
Jul 26th
Savannah has seen an uptick in tourism & hotel occupancies. A recent study funded by Visit Savannah shows Savannah has steady tourist base year round. Between 23-28% per quarter, the 11.2 million visitors are relatively evenly dispersed between the four quarters.
Here’s the link to an overview of the survey.
Rex Benton is Savannah Commercial Real Estate agent with NAI Savannah, the commercial division of Mopper-Stapen, Realtors and is a contributing columnist for “BiS-Business In Savannah” weekly business publication and is an active blogger.
www.naisavannah.com 912-358-5600 Office Space, Retail Space, Industrial Space, Investment Real Estate
Savannah Commercial Real Estate Activity Picks Up – Part 3
Apr 25th
Part 3. : OUTLOOK
Though Savannah’s economy is projected to be a relatively flat in 2011, market activity and inquiries do hold promise for the future. Savannah Economic Development Authority’s new President and CEO, Steven Weathers, stated during a recent presentation that they have a healthy number of sizeable site searches considering our area.
Nationally, the primary coastal markets (New York, Boston, DC, San Francisco, San Diego, etc.) have seen the majority of improvements in commercial real estate. This has been caused by institutional buyers buying blue chip investment assets. Per a recent National Real Estate Investor survey, low interest rates and a surge in investor confidence should result in private investors becoming more active in secondary and tertiary markets like Savannah in 2011. Multi-family and hotel developments will garner the most attention nationally.
Rex Benton is Savannah Commercial Real Estate agent with NAI Savannah, the commercial division of Mopper-Stapen, Realtors and is a contributing columnist for “BiS-Business In Savannah” weekly business publication and is an active blogger. www.naisavannah.com 912-358-5600 Office Space, Retail Space, Industrial Space, Investment Real Estate Sales
Savannah Commercial Real Estate Picks Up – Part 2
Apr 19th
LAND LAGS
The most anemic sector, and one which is often seen as a sign of a healthy market, is speculative land sales. The only retail, office or industrial land sales with immediate development plans have had a specific user in tow. Most have been smaller, single tenant deals such as the new Parker’s at Skidaway Road and DeRenne Avenue.
With no demand to justify development, much less an ability to finance improvements, several parcels have been placed into foreclosure or have had their notes sold. Just a few years ago, these same tracts were thought to be good bets in the apparent path of growth. This has provided opportunities for land sales at greatly discounted prices, but investors know they have to endure long hold periods before any return can be expected. Multi-family land sales, including projects supported with Department of Community Affairs tax credits, have been active particularly in the Pooler area.
Part 3…Outlook
Rex Benton is Savannah Commercial Real Estate agent with NAI Savannah, the commercial division of Mopper-Stapen, Realtors and is a contributing columnist for “BiS-Business In Savannah” weekly business publication and is an active blogger. www.naisavannah.com 912-358-5600 Office Space, Retail Space, Industrial Space, Investment Real Estate Sales
