Simi Capital (SC), a real estate investment firm focused on various equity and debt strategies, announced the acquisition of a Long Island industrial property for $15 million in partnership with Cerberus Capital Management.
Simi Capital’s newest acquisition, located at 80 Jericho Turnpike in Syosset, is a 6-acre site set to be utilized as an outdoor storage facility. Optimally situated near the intersection of major expressways and less than 30 miles from Midtown, Manhattan, 80 Jericho Turnpike will be essential to servicing its surrounding communities and the flourishing industrial market in New York City.
Andrew Skydell, Founder of Simi Capital said, “This most recent acquisition further exemplifies our proven business model. Seeing the record high demand and low vacancy rates in the country-wide industrial logistics market, we are consistently looking to acquire ideally located assets such as 80 Jericho Turnpike. We are confident in the prolonged growth of the Long Island market with its robust demand for last mile logistics facilities and a truly tethered supply.”
This is Simi Capital’s second acquisition in the New York City metropolitan area within the last month. In a transaction executed in mid-October, also in partnership with Cerberus Capital Management, Simi Capital purchased a New York City outdoor storage facility for $19 million. The almost 7-acre site is located at 2577 Forest Avenue in Staten Island.
Long Island’s industrial market continues to boom according to recent trend reports. Vacancy rates have dropped below three percent, a record low, and rents have continuously grown.
In addition to the newly secured properties in Long Island and Staten Island, Simi Capital’s has been active in the industrial market across the country, establishing themselves as leaders in the outdoor storage facility space. Over the last two months, the company has executed six transactions in the in major metropolitan areas across the country including sites in Columbus, Ohio, Nashville, Tennessee, and Miami, Florida.
* According to a Cushman and Wakefield report.