A project by Saxum Real Estate and Penwood Real Estate Investment Management LLC calls for bringing a new 128,150-square-foot speculative warehouse to the site of a vacant office building at 7 Campus Drive in Parsippany. — Rendering courtesy: Saxum Real Estate
By Joshua Burd
A joint venture has scored a $19.6 million construction loan for a more than 128,000-square-foot industrial project in Parsippany, brokers with Cushman & Wakefield said Thursday.
According to a news release, Univest Bank and Trust Co. is financing the development at 7 Campus Drive as part of a plan that will repurpose the former site of a vacant 156,000-square-foot office property. Saxum Real Estate and Penwood Real Estate Investment Management LLC are now eyeing a late 2026 delivery for the 128,150-square-foot warehouse and logistics facility, with plans calling for 36-foot clear ceiling heights and other modern features, leveraging a location just off Route 10 and minutes from interstates 80 and 287.
Cushman’s John Alascio, Chuck Kohaut, TJ Sullivan and Mary Shin arranged the transaction, which represents Univest’s third loan with Penwood.
“This project exemplifies the continued evolution of northern New Jersey’s office-to-industrial transformation, where highly accessible, underutilized sites are being repositioned to meet demand for modern logistics facilities,” Alascio said. “Saxum and Penwood each have a reputation of delivering institutional-quality industrial assets, and we’re proud to have structured a financing solution that supports their vision for this exciting development.”
The joint venture of Saxum and Penwood, through the value-added investment vehicle known as Penwood Select Industrial Partners VII LP, acquired the 10-acre site earlier this year. Construction is now underway on the new facility, which will have 23 dock doors, two drive-in doors, 103 car parking spaces, a 130-foot truck court and 4,000 amps of power capacity.
According to Cushman, the facility’s design and heavy power will accommodate both last-mile and regional distribution users, as well as modern manufacturing users. The developers also figure to draw interest thanks to the site’s two points of ingress and egress and robust functionality, the brokers said, adding that it will be within a one-hour drive of more than 11 million consumers and a dense labor pool.
Saxum, Penwood eye new warehouse project in Parsippany after buying vacant office building
