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In this aerial shot provided by the developer, the industrial service facility can be seen still under construction.(Courtesy of Cushman & Wakefield)<\/p>\nSTATEN ISLAND, N.Y. \u2014 A 6.6-acre industrial service facility is being constructed in Mariners Harbor, located near Home Depot and adjacent to the Howland Hook Marine Terminal. According to the site\u2019s developers, the facility will feature over 110 trailer parking stalls, full drive-through circulation, and office space. Construction is expected to be completed by the end of this year.<\/p>\n
Stonemont Financial Group, an Atlanta-based private real estate investment firm specializing in industrial development, is the owner and operator of the project, which is being dubbed by its address: 2577 Forest Avenue.<\/p>\n
\u201cThis project represents another important step in advancing Stonemont\u2019s ISF (Industrial Service Facility) growth strategy and expanding our reach in the Northeast,\u201d Michael Coogan, vice president of ISF at Stonemont, noted in a press release. \u201cThe NYC market offers tremendous long-term opportunity for this asset class, and 2577 Forest Avenue\u2019s optimal location close to the terminal positions it to serve a wide range of logistics and transportation needs in one of the most supply-constrained markets in the country.\u201d<\/p>\n
In this aerial shot provided by the developer, the industrial service facility can be seen still under construction.(Courtesy of Cushman & Wakefield)<\/p>\n
ISF is defined as a subset of industrial outdoor storage, which Stonemont described as \u201ca booming sector of industrial real estate.\u201d It includes sites that feature functional service buildings in addition to stabilized fences and lit outdoor space zoned for storage. The spaces are commonly used for distribution of equipment, materials, and vehicles. <\/p>\n
\u201cStonemont has continued to see a highly constrained supply of well-located ISFs across the country and has significantly grown its portfolio of ISF properties as demand for the asset class has strengthened,\u201d the company noted.<\/p>\n
This is Stonemont\u2019s first project in New York City, though the firm has been highly active in the Northeast region. Recent projects include: the acquisition of a 67,000-square-foot ISF building in Logan Township, New Jersey; the completion of a 300,000-square-foot industrial warehouse in Passaic, New Jersey; and plans to build a 520,320-square-foot industrial complex within the Runyon Redevelopment Area in Old Bridge, New Jersey. Stonemont also currently owns a 10,000-square-foot ISF facility in Bay Shore, New York, on Long Island.<\/p>\n
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