A project led by Altman Logistics Properties will bring 140,000 square feet of new industrial space to a former obsolete office property at 30 and 20 Lanidex Plaza West in Parsippany. — Rendering courtesy: Altman
By Joshua Burd
A joint venture has closed on a $22 million construction loan to build 140,000 square feet of new industrial space in Parsippany, with plans to break ground in the weeks ahead.
The team, led by Altman Logistics Properties, will build on a site that housed an obsolete office building when the group acquired it last fall. The firm has since demolished the single-story structure at 30 and 20 Lanidex Plaza West, clearing the way for site work to begin during the first quarter and for vertical construction to commence by midyear.
Truist provided the financing to the joint venture of Altman, the family office Renard Investments Group and DHS Real Estate Investment Management BV of Amsterdam, according to a news release. Cushman & Wakefield’s John Alascio and TJ Sullivan sourced the debt on the developers’ behalf.
“Our ability to secure the successful and timely financing for the construction of Apex Logistics at Parsippany underscores the demand for new modern, sustainable and efficient logistics space in the New Jersey market,” said Mark Levy, president of Altman Logistics Properties. “We are optimistic that the delivery of Apex Logistics at Parsippany will help meet demand for infill logistics product in one of the region’s most land constrained markets.”
Slated for substantial completion by year-end, the facility will sit at the junction of interstates 80 and 287, the news release said. That will provide tenants with easy access to other major highways and to New York City, which is roughly 30 miles away, as well as Port Newark-Elizabeth and Newark Liberty International Airport.
Tom Consiglio, Scott Peck and Greg Sabato of Resource Realty of Northern New Jersey will spearhead the leasing team for Apex Logistics at Parsippany, according to a November news release. Cushman said at the time that the redevelopment project represents an investment of roughly $40 million and, notably, will remove another defunct building from the township’s vast inventory of suburban office space.
Altman-led group buys defunct office site in Parsippany, plans 140,000 sq. ft. warehouse
