Marcus Partners’ plans at 35 South Jefferson Road in Whippany call for a new 72,000-square-foot logistics facility with 36-foot clear ceiling heights and a layout that will cater to single- or multitenant use. — Rendering courtesy: Marcus Partners
By Joshua Burd
Marcus Partners has closed on construction financing for a project that will bring 72,000 square feet of new industrial space to Hanover, brokers with JLL announced Tuesday.
According to the debt placement team, Truist Bank provided the four-year loan with a one-year extension option in connection with the development at 35 South Jefferson Road. Proceeds will support a project that will have 36-foot clear ceiling heights, 10 dock doors with the ability to expand to 18 loading positions, one drive-in door with potential for a second and 3,785 square feet of office space, among other features aimed at leveraging the site’s highway access, strong consumer demand and a robust labor pool.
JLL Senior Managing Director Michael Klein and Vice President Michael Lachs sourced the financing on Marcus Partners’ behalf. Additional terms were not disclosed.
“This transaction reflects Truist’s continued focus on serving our clients in northern New Jersey’s tight industrial market,” said Rebecca M. Cox, senior vice president and market manager at Truist National Real Estate. “Limited supply and strong tenant demand are creating opportunities for thoughtfully executed and well-positioned developments like this one.”
Located in Hanover’s Whippany section, some 30 miles west of Manhattan, the site provides access to more than 160,000 residents and 8,000 blue-collar workers within a five-mile radius, JLL said in a news release. Marcus Partners broke ground last month and is planning a spring 2026 delivery for the project, which is less than a mile from the intersection of Route 10 and Interstate 287 and three miles south of the Interstate 287 and Interstate 80 interchange.
The facility will revitalize what was the site of a vacant office building, Boston-based Marcus Partners said previously. The developer’s plan also calls for 90 employee parking spaces and eight trailer parking spaces on a 6.62-acre site, with a 130-foot truck court depth designed to accommodate modern logistics operations.
“Marcus Partners brings over 30 years of development expertise and a proven track record of delivering more than $2.7 billion in successful projects,” Klein said. “With their deep understanding of industrial market fundamentals and the acute shortage of quality space in this size range, this development is perfectly positioned to capitalize on tenant demand in Northern New Jersey.”
Marcus Partners plans 72,000 sq. ft. warehouse after office teardown in Whippany
