Sagard Real Estate has begun construction on a state-of-the-art 332,000-square-foot Class A warehouse in the thriving Richmond Valley neighborhood of Staten Island. The project is expected to be completed by late 2025 and will feature top-of-the-line amenities such as 60 dock doors and rooftop solar panels. Its prime location within one mile of Route 440 provides easy access to major interstates and the New Jersey Turnpike.
After receiving approval from the NYC Planning Commission in 2022, Cushman & Wakefield has taken charge of leasing efforts for this impressive property situated on a generous lot spanning over 796,000 square feet. Sagard acquired this site in early-2020 at a cost of $30.6 million.
According to Brad Natale, Director of Portfolio Management at Sagard Real Estate: “This development perfectly aligns with our investment strategy which focuses on high-barrier-to-entry markets with strong potential for growth.” He further added that Staten Island boasts an ideal logistics hub with vacancy rates below three percent and limited new constructions.
The article “Sagard Real Estate Breaks Ground on Staten Island Warehouse” was originally published by Connect CRE.
