A joint venture has successfully secured a $22 million construction loan for the development of a new 140,000-square-foot industrial warehouse in Parsippany, New Jersey. This project, led by Altman Logistics Properties, will soon begin construction on a site that previously housed an outdated office building. The property, located at 30 and 20 Lanidex Plaza West, was acquired by the team last fall. Following the demolition of the single-story structure, site work is expected to commence in the first quarter of the year, with vertical construction set to begin by midyear.

The $22 million financing for the project was provided by Truist, supporting the joint venture consisting of Altman, the family office Renard Investments Group, and DHS Real Estate Investment Management BV from Amsterdam. Cushman & Wakefield’s John Alascio and TJ Sullivan were instrumental in sourcing the debt for the developers.

Mark Levy, President of Altman Logistics Properties, emphasized the significance of securing the construction financing, stating, “Our ability to secure the successful and timely financing for the construction of Apex Logistics at Parsippany underscores the demand for new modern, sustainable and efficient logistics space in the New Jersey market. We are optimistic that the delivery of Apex Logistics at Parsippany will help meet demand for infill logistics product in one of the region’s most land-constrained markets.”

The facility, slated for substantial completion by the end of the year, will be strategically located at the intersection of Interstates 80 and 287. This prime location offers tenants quick access to major highways, New York City (approximately 30 miles away), as well as Port Newark-Elizabeth and Newark Liberty International Airport, making it a highly desirable logistics hub.

The leasing efforts for Apex Logistics at Parsippany will be led by Tom Consiglio, Scott Peck, and Greg Sabato of Resource Realty of Northern New Jersey. This development project represents an estimated investment of $40 million and will serve to remove another outdated building from the township’s expansive inventory of suburban office space.

The project not only adds much-needed modern industrial space to the region but also reflects the growing demand for such facilities in the New Jersey market, which continues to see significant interest from logistics and distribution companies.