Altman JV closes on land acquisition for 170,800SF warehouse development in Hamilton Township, NJ

Set to break ground in early 2025, the planned state-of-the-art development marks Altman’s second land acquisition in New Jersey, one of the country’s largest industrial real estate markets.

Altman, a leading real estate development company, announced today the successful acquisition of a 15.7-acre site for the development of Apex Logistics at Hamilton by a joint venture between Altman Logistics Properties (f/k/a BBX Logistics Properties) and DWS. The project is expected to consist of approximately 170,800 square feet of Class A logistics space in Hamilton Township, New Jersey and deliver modern, efficient and sustainable logistics space in an industrial real estate market that continues to experience strong demand for new logistics space.

Situated in the Hamilton submarket at the intersection of I-195 and Route 130, construction on the site is currently expected to break ground in early 2025 with an anticipated delivery in early 2026. Apex Logistics at Hamilton’s central location is planned to offer tenants access via I-95 and I-195 to Philadelphia located approximately 40 miles away, New York City located approximately 60 miles away, as well as Newark Liberty International Airport, Philadelphia International Airport, and the ports of New York, New Jersey and Philadelphia. With approximately 7.8 million consumers within a one-hour drive, the site is well situated for last-mile distribution users in New York City and Philadelphia and also offers access to a strong labor pool in nearby Trenton, New Jersey.

Led by seasoned industry professionals with over 75 years of combined institutional industrial experience, Altman Logistics Properties was formed for the purpose of developing Class A logistics developments in proximity to urban areas, with a focus on highly supply-constrained submarkets with strong population growth and significant consumption.

“This marks our second land acquisition over the past month in New Jersey, a growing real estate market that is an important piece of our platform’s expansion strategy. We look forward to advancing our plans to build these planned logistics developments to serve the region’s tenant demand for Class A industrial space,” said Mark Levy, President of Altman Logistics Properties.

In late October, a joint venture between Altman Logistics Properties, the family office Renard Investments and DHS Real Estate Investment Management B.V. announced the acquisition of a 10.5-acre site to develop Apex Logistics at Parsippany in Parsippany, New Jersey, which is expected to consist of approximately 140,000 square feet of Class A logistics space.

During the third quarter 2024, new leasing activity across the New Jersey industrial market grew by approximately 19.4% quarter-over-quarter totaling 8.0 million square feet and bringing the year-to-date total activity to 21.2 million square feet – the highest volume since the first quarter of 2022, according to Cushman & Wakefield’s third quarter 2024 industrial report. The report also indicates a continued movement by tenants to newly built and existing class A product.

The land acquisition was arranged by Gary Gabriel and Kyle Schmidt at Cushman & Wakefield, who represented the seller in the transaction. KBC Advisors will serve as the development’s leasing agent led by Marc Petrella, Andrew Siemsen, and Michael Kimmel.

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, Altman has 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.

In addition to the planned logistics developments in New Jersey, 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. Altman Logistics Properties, in partnership with FRP Development Corp., 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 in early 2025.