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Stonemont Financial Closes on Land for Spec Industrial in Passaic
Atlanta-based Stonemont Financial Group closed on the land for a 295,506-square-foot speculative industrial development in Passaic, NJ. Called Stonemont Passaic Logistics Center, the project is expected to deliver in the second quarter of 2024.
The Class A development is located at 122 8th St. In Passaic, just off Route 21 and three miles from Route 3. It is also seven miles from the New Jersey Turnpike and roughly 12 miles from New York City. The facility will be built to fit modern standards within bulk distribution.
“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,” said Stonemont VP Brian Danahy. “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.”
- ◦Sale/Acquisition
- ◦Development