Parsippany Office Teardown Will Become Industrial
Cushman & Wakefield advised Altman Logistics Properties in procuring joint venture equity and construction financing for The Park at Parsippany, an office teardown for industrial redevelopment located at 20 and 30 Lanidex Plaza in Parsippany, NJ. The joint venture equity investment was provided by a European family office, while Truist provided the construction financing on the approximately $40-million development project.
Cushman & Wakefield’s Gary Gabriel, David Bernhaut, Kyle Schmidt, Frank DiTommaso, Ryan Larkin and Seth Zuidema represented the seller, CSB Holdings LLC, in the recent sale of the 140,000-square-foot office property to BBX. The final sale price was $15,900,000.
“This opportunity fits BBX’s strategy of building a development pipeline across the state,” said Schmidt. “This deal is one of several office buildings in Parsippany slated to be torn down and redeveloped into state-of-the-art industrial facility.”
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, TJ Sullivan, Chuck Kohaut, Chris Lentz, Jason Blankfein and Ethan Sokolow represented Altman in the JV equity and construction financing.
