Advance Realty Investors (ARI) announced Jan. 28 that it has closed on construction financing for the new Class A industrial development 249 PLC in Parsippany.
ARI engaged the JLL Northeast Industrial (NEI) team to exclusively market the 110,000 square-foot facility for lease, located at 249 Pomeroy Logistics Center.
Under development and scheduled to be operational in October, the facility is located at the interchange of interstates 80 and 287, offering strong visibility and access to the greater New Jersey and New York metropolitan markets.
The facility is classified under New Jersey’s Long Term Tax Exemption-Urban Renewal Entities program, which was established in 2018 to spur redevelopment in blighted areas, and benefits from a Payment in Lieu of Taxes (PILOT) agreement with the Township of Parsippany-Troy Hills.
“As long-term stakeholders in the municipalities we invest in, we are especially excited to execute on delivering a best-in-class building at 249 Pomeroy Road in Parsippany,” said Alexander Cocoziello, principal and chief investment officer at Advance Realty Investors. “This building will be unique for prospective tenants due to its direct adjacency to I-287, providing any future occupier with incredible marketing opportunities while boasting a long-term tax exemption that minimizes occupancy costs.”
249 PLC will feature 36-foot clear heights, 21 dock doors and two drive-in doors as well as 4,000 amps of power capacity. Along with 20 trailer stalls, the facility will be outfitted with the flexibility to house one or two tenants.
The property can be configured to accommodate a range of user requirements, offering flexibility for logistics, distribution and light manufacturing operations seeking scalable space in one of Northern New Jersey’s most supply-constrained industrial submarkets.
The JLL Northeast Industrial team leading the marketing of the property includes Vice Chairman David Knee, Executive Managing Director Chris Hile, Managing Director Ignatius Armenia and Executive Vice President Ryan Milanaik.
“As industrial tenants continue to prioritize efficiency, labor access and transportation optionality, new construction opportunities like 249 Pomeroy Logistics Center are increasingly rare in Northern New Jersey,” said Knee. “The ability to accommodate full-building users or efficiently demised tenants allows the property to serve a wide range of distribution and light manufacturing requirements, a critical advantage in today’s evolving industrial landscape.”
Morris County’s industrial market continues to reflect the broader stabilization underway across New Jersey, with steady tenant demand and limited new supply supporting healthy fundamentals. In its third-quarter 2025 New Jersey Industrial analysis, JLL reported vacancy remains relatively low at 7.6%, and year-to-date net absorption has stayed positive despite minimal new deliveries, underscoring continued demand for well-located space.
