Stonemont, Cerberus Announce JV Targeting Industrial Service Facilities
Atlanta-based industrial developer and real estate investor Stonemont Financial Group has announced that is has established a joint venture with an affiliate of alternative investment firm Cerberus Capital Management. The new partnership will be focused on building a large-scale portfolio of logistics and outdoor storage industrial real estate across the United States.
Stonemont currently has more than 15 million square feet of industrial real estate under management. Cerberus Real Estate has deployed approximately $29 billion of equity in more than 575 transactions around the world. 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.
“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, 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.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.