(Editor’s note: This story was updated Monday, Nov. 18, with additional information and quotes from Cushman & Wakefield, which arranged the sale of 30 and 20 Lanidex Plaza West as well as joint venture equity and construction financing for a subsequent redevelopment project.)
By Joshua Burd
A joint venture is planning some 140,000 square feet of new logistics space in Parsippany after acquiring an aging office building just south of Interstate 80.
The team — which includes Altman Logistics Properties, the family office Renard Investments and DHS Real Estate Investment Management B.V. — says it expects to break ground in early 2025. It expects to deliver the project at 30 and 20 Lanidex Plaza West roughly a year later, removing another obsolete office property from the township and bringing a new warehouse to what it says is a land-constrained market with continued strong demand for modern space.
Cushman & Wakefield’s Gary Gabriel and Kyle Schmidt represented the seller, CSB Holdings LLC, in the $15.9 million transaction, while the firm’s John Alascio, TJ Sullivan, Chuck Kohaut, Chris Lentz, Jason Blankfein and Ethan Sokolow represented Altman in securing the joint venture equity and construction financing with Truist. Tom Consiglio, Scott Peck and Greg Sabato of Resource Realty of Northern New Jersey will spearhead the leasing team for what’s known as Apex Logistics at Parsippany, which will occupy 10.5 acres, seeking to lure tenants with a location that’s minutes from interstates 80 and 287 and other major highways.
“Parsippany is a pro-development municipality, focused on the repositioning of older vintage office buildings,” Schmidt said. “This opportunity fits BBX’s strategy of building a development pipeline across the state. This deal is one of several office buildings in Parsippany slated to be torn down and redeveloped into state-of-the-art industrial facility.”
Fort Lauderdale-based Altman, added that the project marks its first in New Jersey and the first U.S. development for Renard Investments and Amsterdam-based DHS Real Estate Investment Management B.V.
“The family office is dedicated to sustainable warehouse development and is excited about expanding into the U.S. market,” said Stijn Vos, founder of Renard Investments. “Our background in the sustainable energy industry combined with the growth of the American market is unparalleled, and we look forward to building that future with Altman.”
Altman, formerly BBX Capital Real Estate, noted that it was also developing a three-phase, 600,000-square-foot logistics facility in Delray Beach, Florida. Its plans in the state also include the Lakeland submarket between the Tampa Bay and Orlando, where it will break ground on roughly 202,000 square feet, as well as a 182,000-square-foot facility in Davie in partnership with FRP Development Corp. on the site of the former Signature Grand event space.
“Altman is considered a leading real estate developer in Florida, and this land acquisition marks the company’s entry into New Jersey’s growing industrial market,” said Mark Levy, president of Altman Logistics Properties. “We see New Jersey as an important piece of our platform’s expansion strategy and expect this will be the first of several logistics developments we pursue in the region over the years to come.”
C&W added that redevelopment project represents an investment of roughly $40 million.
“We are thrilled to have facilitated the equity and construction financing for this exciting project,” Alascio said. “This transaction represented a compelling opportunity for lenders and investors given the property’s strategic location and the transformative potential of the site. With Altman’s best-in-class sponsorship, the long-term outlook for this project is promising.”
