Altman Acquires 10.5 Acre Site in Parsippany

On Nov 4, 2024

Real estate development company Altman announced the acquisition of a 10.5-acre site for the development of Apex Logistics at Parsippany by a joint venture between Altman Logistics Properties, the family office Renard Investments and DHS Real Estate Investment Management B.V., based out of Amsterdam, Netherlands. The project is expected to consist of approximately 140,000 square feet of Class A logistics space in northern New Jersey and deliver modern, sustainable and efficient logistics space to a significantly land constrained market, which continues to experience strong demand for new logistics product.

Situated in the Morris County submarket at the intersection of I-80 and I-287, construction is currently expected to break ground in early 2025 with the development’s anticipated delivery to occur in early 2026. The location of the project 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. The site is currently home to a single-story office building that will be replaced by the planned development.

Apex Logistics at Parsippany marks the first U.S. development for Renard Investments and DHS Real Estate Investment Management B.V.

“The family office is dedicated to sustainable warehouse development and is excited about expanding into the U.S. market. Our background in the sustainable energy industry combined with the growth of the American market is unparalleled, and we look forward to building that future with Altman,” said Stijn Vos, founder of Renard Investments.

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. The company previously announced the planned development of three last mile logistics facilities in Florida.

“Altman is considered a leading real estate developer in Florida, and this land acquisition marks the company’s entry into New Jersey’s growing industrial market,” said Mark Levy, President of Altman Logistics Properties. “We see New Jersey as an important piece of our platform’s expansion strategy and expect this will be the first of several logistics developments we pursue in the region over the years to come.”

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. Resource Realty will serve as the development’s leasing agent led by Tom Consiglio, Scott Peck and Greg Sabato.

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.

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