Page 12 - RE-NJ

10 WINTER 2024
LINK LOGISTICS PLANS WAREHOUSE
AT PARSIPPANY OFFICE PARCEL
Link Logistics has acquired the
site of an empty offi ce 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
affi liate’s interest in the parcel, as
did its location in affl uent 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
offi ce portfolio. Currently home to
an empty 186,020-square-foot offi ce
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. RE
Marc Duval
Courtesy: JLL
2 Hilton Court in Parsippany
Data Center
Development
You can’t reach the cloud, if you
can’t get out of the ground
Credit: Bilyana Dimitrova
Contact:
Mark Devaney LEED AP, Principal
[email protected]
201.312.4427
TECHNICAL EXCELLENCE | PRACTICAL EXPERIENCE | CLIENT RESPONSIVENESS
Credit: NORR