Industrial real estate investor Stonemont Financial Group has formed a joint venture with an affiliate of Cerberus Capital Management to invest in industrial service facilities in the United States.
The joint venture plans to focus on building a large-scale portfolio of logistics and outdoor storage industrial real estate across the United States.
The joint venture leverages the firms’ combined capabilities and targets to build a billion-dollar portfolio of industrial service facility assets, which play a key role in the logistics supply chain. The facilities act as ‘mission-critical’ freight distribution transfer points for the storage and flow of goods to final destinations.
The joint venture targets a broad range of acquisition opportunities across the United States, with a particular focus on truck terminals; truck and trailer parking and R&M facilities; outdoor storage facilities; and other assets that support last-mile distribution centers and warehouses. To date, the joint venture has acquired assets in Illinois, Florida, Mississippi, and Tennessee.
“As e-commerce activity continues to gain market share, there is no question that industrial service facilities will likely become one of the most sought-after asset classes in the country,” said Zack Markwell, Managing Principal and CEO at Stonemont Financial Group.
“This joint venture is a unique opportunity to combine our market knowledge with Cerberus’ global expertise to build a national portfolio of mission-critical industrial real estate,” he added.
Tom Wagner, Head of North American Real Estate at Cerberus, commented, “Industrial service facilities are key infrastructure assets in the logistics supply chain and have become increasingly important with the acceleration of e-commerce. Through our partnership with Stonemont, we will be able to meet the strong demand of companies by providing a leading, institutional portfolio of quality assets strategically located across the United States.”