JLL Capital Markets has sold 2 Hilton Court, a 10.41-acre site, which will be redeveloped into a 123,000-square-foot warehouse in Parsippany to Link Logistics.
JLL worked on behalf of the seller, 2 Hilton Court LLC, in the transaction.
The JLL Investment Sales and Advisory team was led by Senior Managing Directors Marc Duval and Jose Cruz along with Managing Director Jordan Avanzato and Directors Nicholas Stefans and Jason Lundy.
The property is strategically located near the major I-80 and I-287 interchange in affluent and dense Morris County within the SED-10 zone, one of the specialized economic development districts in Parsippany. The site offers convenient access to major thoroughfares such as NJ-10, I-287, NJ-24 and I-80. Furthermore, it is located less than 60 miles from three major international airports: Newark Liberty International Airport, LaGuardia Airport and JFK International Airport.
“The industrial market in northern New Jersey has been a strong performer despite the headwinds over the past few years and the quality locations that offer accessibility and labor remain a top choice for developers,” Duval said.
“Critical to the success of this transaction was the acumen of the seller, 2 Hilton Court LLC, to reposition the asset to the highest and best use, and the buyer to see Parsippany as a strong logistics location,” Avanzato added.
