Parsippany, NJ, February 5, 2025 – Altman, a leading real estate development company, announced today the successful closing of $22 million in construction debt financing for the development of Apex Logistics at Parsippany in Parsippany, New Jersey led by a joint venture between DHS Real Estate Investment Management B.V. based out of Amsterdam, The Netherlands, Altman Logistics Properties (f/k/a BBX Logistics Properties) and the family office Renard Investments Group.
Situated in the Morris County submarket at the intersection of I-80 and I-287, the development’s convenient location will offer tenants great access via I-280, I-78, Routes 24, 46, and 10, and sits approximately 30 miles from New York City, Newark Liberty International Airport, and the ports of New York and New Jersey.
Sitework on the new infill logistics warehouse development is expected to commence in the first quarter with plans to go vertical mid-year and a projected substantial completion slated for late 2025. Consisting of approximately 140,000 square feet of Class A logistics space in northern New Jersey, Apex Logistics at Parsippany will replace a single-story office building that was recently demolished on the site.
The financing is being provided by Truist. The Cushman & Wakefield team of John Alascio and TJ Sullivan assisted with the financing on behalf of the joint venture.
