Stonemont Financial Group is planning a speculative 295,506-square-foot industrial building at 122 8th St. in Passaic. — Rendering courtesy: Stonemont
By Joshua Burd
Stonemont Financial Group has acquired some 20 acres in Passaic where it plans to build nearly 300,000 square feet of new high-end industrial space just off Route 21.
The privately held firm, which is based in Atlanta, said it expects to deliver the project at 122 8th St. in the second quarter of 2024, as it ramps up activity in the Northeast region. Plans for the speculative 295,506-square-foot development call for 40-foot clear ceiling heights, rear-load configuration, 167 car parking spaces and 55 trailer parking stalls, with a location three miles from Route 3, seven miles from the New Jersey Turnpike and some 12 miles from New York City.
The project team includes general contractor PREMIER Design + Build Group LLC, Bohler Engineering as the civil engineer, Ware Malcomb as architect and PCCP as capital partner.
“Stonemont is thrilled to bolster our presence in one of the nation’s most dynamic markets through the redevelopment of a site that possesses several key advantages for both e-commerce users and third-party logistics providers,” said Brian Danahy, a vice president with Stonemont. “While this market is home to one of the largest populations in the U.S., there is a notable lack of quality industrial product to meet the standards of today’s users. Stonemont Passaic Logistics Center will play a critical role in addressing that void as it helps usher in a new era of last-mile development in the region.”
In a news release Thursday, the firm said the development of Stonemont Passaic Logistics Center is a public-private partnership with the city of Passaic and continues its effort to meet the demand for modern, move-in ready industrial product across the Northeast. It noted that industrial vacancy in northern New Jersey was 1.4 percent at the end of 2022, citing data from JLL, adding that just over 10 percent of current inventory falls within the Class A category.
The closing of the Passaic site, which will allow users to serve more than 18 million residents in the region, marks its fifth acquisition in the North Jersey and New York City market over the past 12 months.
“This site in Passaic has been at the top of our radar for quite some time due to its superior location and access to a deep labor pool,” Stonemont Principal Neal Moskowitz said. “Our team is grateful for the support we’ve received from the city of Passaic throughout this process, as we couldn’t have made it to this point without their partnership. We look forward to sharing updates on upcoming milestones for this exciting project over the next year.”