2 Hilton Court in Parsippany — Courtesy: JLL
By Joshua Burd
Link Logistics has acquired the site of an empty office building in Parsippany that’s slated to be redeveloped as a 123,000-square-foot warehouse, in a newly announced deal by JLL.
The brokerage team represented the seller in the transaction at 2 Hilton Court, a 10.41-acre site just off Route 10 and minutes from the junction of interstates 80 and 287. That helped fuel the Blackstone affiliate’s interest in the parcel, as did its location in affluent and dense Morris County within a specialized economic development district in Parsippany.
JLL senior managing directors Marc Duval and Jose Cruz, along with Managing Director Jordan Avanzato and directors Nicholas Stefans and Jason Lundy, completed the assignment on behalf of 2 Hilton Court LLC.
“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.
The deal comes four years after a joint venture led by Onyx Equities acquired the site from the former Mack-Cali Realty Corp as part of a 10-building, 1.5 million-square-foot office portfolio. Currently home to an empty 186,020-square-foot office building, the parcel will provide industrial users with access to major highways and a location that’s less than 60 miles from three major international airports.
At the time of an offering last year, JLL said the would-be seller was seeking amended site plan approval to redevelop the site as an industrial building.
“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.
Proposed office-to-warehouse site in Parsippany on the market as owner seeks project approval
