“We are extremely pleased with the transaction and the addition of this prime piece of real estate to the Authority’s land portfolio,” said Doug J. Marchand, the GPA’s executive director.
The GPA identified the Hutchinson Island property for future port expansion more than a decade ago. The acquisition, for a net US$47.5m, includes the sale of 7.2 acres of GPA’s Ocean Terminal to Colonial Terminals. No specific use for the property has yet been identified, but the GPA has already begun assessing its future utilisation.
“The additional acreage, along with significant capacity expansion capabilities at GPA’s Garden City Terminal, ensures Georgia’s ability to attract and retain additional cargo at current growth levels,” said Steve Green, chairman of the GPA board. “[This] announcement guarantees that the GPA will remain a significant economic engine for the State of Georgia for many years to come.”