Denholtz Properties launched a joint venture with the goal of acquiring and developing industrial properties totaling approximately $1 billion in value at the start of the year. This week, it made gains on that effort, with the addition of a Savannah portfolio.

The Red Bank firm announced Sept. 8 that it acquired Coleman Portfolio: a fully leased, three-building, 358,884-square-foot industrial portfolio located in Savannah’s fastest-growing industrial submarket.

According to Denholtz, the region’s Port of Savannah is the fastest-growing one in the nation, bolstering the area’s industrial market. The firm pegged the vacancy rate in the area at 2.27%.

“When we launched our joint venture earlier this year, the Savannah market’s steady growth, superior infrastructure and underlying demographics made it an ideal target for us,” said Denholtz President Stephen Cassidy. “This acquisition will enable our team to build our presence in the market and continue to grow our portfolio of high-quality, multitenant industrial spaces across the nation’s emerging real estate markets.”

The Coleman Portfolio spans three buildings at 101 Coleman Blvd., 111 Coleman Blvd. and 10 Artley Road with access to major transportation and shipping arteries including the Port of Savannah, Norfolk Southern and CSX’s regional rail networks; Interstates 16 and 95; and Savannah/Hilton Head International Airport, Denholtz said.

Tenants at the property include Collins Aerospace, Johnson Matthey and East Coast Logistics.

“In the face of macroeconomic pressures and changing local market dynamics, the multitenant industrial sector continues to showcase tremendous resiliency and price appreciation,” added Mark Mahasky, director of Acquisitions & Capital Transactions for Denholtz Properties. “We are excited to continue to aggressively pursue these properties and identify additional opportunities to deploy capital into the asset class over the next several months.”

Denholtz made its first acquisition for the $1 billion industrial pursuit in Charlotte in May.