Real estate developer Altman on Friday announced it successfully closed on $22 million in construction debt financing for the development of Apex Logistics at Parsippany.
The planned 140,000-square-foot Class A logistics development will replace a single-story office building that was recently demolished on the site being led by a joint venture between Altman Logistics Properties, the family office Renard Investments Group and DHS Real Estate Investment Management B.V., based out of Amsterdam, The Netherlands.
Sitework on the new infill logistics warehouse development is expected to commence in the first quarter with plans to go vertical mid-year and a projected substantial completion slated for late 2025.
The financing is being provided by Truist. The Cushman & Wakefield team of John Alascio and TJ Sullivan assisted with the financing on behalf of the joint venture.
“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,” Mark Levy, president of Altman Logistics Properties said. “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.”
Situated in the Morris County submarket at the intersection of I-80 and I-287, the development’s convenient location will offer tenants great access via I-280, I-78, Routes 24, 46, and 10, and sits approximately 30 miles from New York City, Newark Liberty International Airport, and the ports of New York and New Jersey.
Led by seasoned industry professionals with over 75 years of combined institutional industrial experience, Altman Logistics Properties was formed to develop distribution centers in proximity to urban areas, with a focus on highly supply-constrained submarkets with strong population growth and significant consumption.
