Altman Logistics Properties, in partnership with Renard Investments Group and DHS Real Estate Investment Management B.V., has secured a $22 million construction loan for the development of Apex Logistics at Parsippany, New Jersey. The project, which is set to replace a recently demolished office building, will offer 140,000 square feet of Class A logistics space.

Sitework for the infill warehouse is expected to begin in the first quarter, with vertical construction anticipated mid-year and a projected completion date in late 2025. The financing, provided by Truist, was facilitated by Cushman & Wakefield’s John Alascio and TJ Sullivan.

“Our ability to secure the financing for Apex Logistics at Parsippany underscores the demand for modern, sustainable logistics space in New Jersey,” said Mark Levy, President of Altman Logistics Properties. "We are confident that this development will meet the demand for logistics in one of the most land-constrained markets."

The facility will be strategically located in Morris County at the intersection of I-80 and I-287, offering easy access to key highways and being approximately 30 miles from New York City, Newark Liberty International Airport, and the ports of New York and New Jersey.

Altman Logistics Properties is also involved in several other projects across New Jersey and Florida, including Apex Logistics at Hamilton, a 170,800-square-foot warehouse, and a three-phase 600,000-square-foot logistics facility in Delray Beach, Florida.