Altman joint venture secures $22 million construction loan to build Apex Logistics at Parsippany in NJ

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 Altman Logistics Properties (f/k/a BBX Logistics Properties), the family office Renard Investments Group and DHS Real Estate Investment Management B.V., based out of Amsterdam, The Netherlands.

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.

“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.”

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.

Led by seasoned industry professionals with over 75 years of combined institutional industrial experience, Altman Logistics Properties was formed to develop distribution centers in proximity to urban areas, with a focus on highly supply-constrained submarkets with strong population growth and significant consumption.

Altman Logistics Properties offers a suite of services, including developing a variety of logistics facilities, including speculative and build-to-suit logistics developments, as well as repositioning obsolete assets. As part of this strategy, joint ventures sponsored by Altman Logistics Properties have acquired several underperforming commercial properties, including an aging office building and catering facility, for the development of logistics infill facilities that will be custom designed and built for last-mile tenants that will serve the surrounding population centers.

Elsewhere in the Garden State, a joint venture between Altman Logistics Properties and DWS recently acquired a 15.7-acre site in Hamilton Township, New Jersey, with plans to develop Apex Logistics at Hamilton – a 170,800-square-foot infill logistics warehouse development. In addition, Altman Logistics Properties is currently developing a three-phase, 600,000-square-foot logistics facility in Delray Beach, Florida and plans to break ground on an approximately 202,000-square-foot industrial development in Lakeland, Florida, a submarket situated between the Tampa Bay and Orlando metro areas. In partnership with FRP Development Corp., Altman Logistics Properties has also obtained approvals to develop an approximately 182,000-square-foot warehouse logistics facility in Davie, Florida on the site of the former Signature Grand event space and expects to commence construction of the facility this year.