Insurance Auto Auctions Leases 16 Acres of Industrial Waterfront Lot in Staten Island
By Mark Hallum February 13, 2023 12:56 pm
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The borough that boasts a giant ship graveyard has attracted a leader in the salvage vehicle and outdoor storage industry.
The publicly traded Insurance Auto Auctions (IAA) has leased about 15.9 acres of industrial waterfront lot at DH Property Holdings’ 1900 South Avenue, a 53-acre industrial site in Travis, Staten Island, with access to a 650-foot waterfront steel bulkhead dock, according to the landlord.
DH Property Holdings did not disclose the asking rent or the length of the lease.
“This site has an ideal location in one of the most sought-after industrial markets in the country,” DH Property Holdings Principal Dov Hertz said in a statement. “1900 South Avenue enables tenants to capitalize on accessibility, scalability and multimodal transportation opportunities at a time of limited supply for land in the greater New York market.”
JLL‘s Rob Kossar, Leslie Lanne and Dean Brody represented the landlord in the transaction, while it is not clear who handled negotiations on behalf of the tenant.
IAA buys and sells cars that are either a total loss, damaged or simply not worth a whole lot, plying its trade across a variety of auction channels.
“IAA’s strategic approach to real estate hinges on our ability to provide capacity that aligns with our customers’ needs,” IAA CEO John Kett said in a statement. “Maintaining capacity in densely populated, catastrophe-prone areas like New York City not only supports day-to-day operations but also helps us respond quickly to surges in volume from weather-related events.”
Along with access to the port, the property offers access to rail transportation and Route 440, which leads to Goethals Bridge and Verrazzano-Narrows Bridge.
IAA took 30 percent of the total property and will share the address with an asphalt manufacturer and a recycling plant, leaving only 10 percent of the 1900 South Avenue site vacant, according to JLL.
Mark Hallum can be reached at mhallum@commercialobserver.com.
