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Resources & Results: Savanna - Timing is Everything

12/15/2009

Savanna Investment Management, LLC, a New York City based real estate investment and development firm, will enter a perfect storm of opportunity when it comes to availability and location on its new property. Hudson International Business Center (HIBC) was acquired in March of 2008 and is located at the northwest corner of the intersection of Route 747 and Interstate 84 in the Stewart International Airport corridor.

 

The 282-acre property is located in the Town of Montgomery and is currently undergoing the approval process for its planned business park.  The plans call for 1.5 million SF of industrial flex space that will feature build-to-suit for purchase as well as for lease. The project will also accommodate single or multi-tenant uses. 

 

The property has been the beneficiary of three large Department of Transportation projects over the past several years culminating in the ribbon cutting for the new Exit 17 1-87/1-84 interchange earlier in December. This interchange created easy exits and entrances for vehicles traveling on the NYS Thruway and Interstate 84. Prior to this construction, users had to exit to local roads before re-entering the highway system.

 

The new 1-84 Exit 5A to Stewart International Airport at Drury Lane leads users to the new north/south, four-lane route, now designated Route 747, which in turn leads to International Boulevard, the main access road to the airport. This exit will give future HIBC tenants immediate access to the transportation hub of the entire northeast.  

 

Savanna principal, Tom Farrell, states, "We have enjoyed very open dialog with Town of Montgomery officials as we have moved through the approval process. At this time, we have no users under contract and plan to react as the market develops. The site will require extensive site work and our hope is to conclude the approval process and begin in 2010."  

 

Savanna envisions the business park users as a mix of office, distribution space and light industrial manufacturing. The proximity and easy access to the airport and transportation system make the site a perfect fit for freight and air-related services. The company also owns a 350,000 SF warehouse in the Stewart International Airport Industrial Park which is leased which is leased to FedEx and cable manufacturer, Nexans.

 

Resources & Results - December 2009 Volume XIX Issue 4

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More About Savanna

Who We Are
Savanna is a real estate investment and development firm that focuses on opportunistic investment strategies targeting superior risk-adjusted returns on behalf of its institutional investors.

Investment Strategies
Savanna employs opportunistic strategies to invest in middle market real estate assets of the primary asset types including office, retail, residential, and industrial.

Our Team
Savanna's team has a broad base of experience and expertise in valuation, financial analysis, deal sourcing and structuring, property acquisition and disposition strategy, design, development, redevelopment, asset management, accounting, and leasing.

Partners & Lenders
Savanna has invested on behalf of, and in partnership with, many of the premier institutional real estate private equity funds, REITS, and hedge funds active in the United States.