Simi Capital Group (SCG), a real estate investment firm focused on various equity and debt strategies, announced the $19 million acquisition of a Staten Island industrial property in partnership with Cerberus Capital Management and Stonemont Financial.
The newly acquired over six-acre site, located at 2577 Forest Avenue, Staten Island, New York City, is set to be converted from self-storage space into an outdoor storage facility situated only a mile from Goethals Bridge, a critical crossing between Staten Island and New Jersey.
Upon its completion, the property will service the booming industrial market in the greater New York City metropolitan area. This acquisition is Simi Capital’s fourth this month having closed on three additional properties in Miami, Florida and Columbus, Ohio.
“Having specialized in niche industrial logistics transactions in several major metropolitan areas throughout the country, we are confident that this property will be an asset to our growing industrial portfolio,” said Andrew Skydell, Founder of Simi Capital. “We’re excited to deliver such a useful outdoor storage site to the New York City market.”
This acquisition is the latest in Simi Capital’s expansion of their portfolio of industrial properties in greater New York City.
Previous transactions were executed in other major metropolitan areas including Nashville, Austin, Columbus, and Central and South Florida. With several new acquisitions set to be announced soon, Simi Capital is looking to expand its industrial properties portfolio across the country.
According to a recent Cushman & Wakefield report, Staten Island’s industrial vacancy rate is only about two percent, and the outer borough market as a whole is continuing to see an increased demand for parking options.