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.

 JLL Capital Markets closed the sale of 2 Hilton Ct., a 10.41-acre site, which will be redeveloped into a 123,000-square-foot warehouse in Parsippany, NJ by the purchaser, Link Logistics. Terms were not disclosed.

A JLL team led by senior managing directors Marc Duval and Jose Cruz, along with managing director Jordan Avanzato and directors Nicholas Stefans and Jason Lundy, worked on behalf of the seller, 2 Hilton Court LLC.

“The industrial market in northern New Jersey has been a strong performer despite the headwinds over the past few years and the quality locations that offer accessibility and labor remain a top choice for developers,” said Duval.

2 Hilton Ct. is located near the major I-80 and I-287 interchange in Morris County within the SED-10 zone, one of the specialized economic development districts in Parsippany. The site offers convenient access to major thoroughfares and is located less than 60 miles from three major international airports.

Colliers is marketing the sale of 2 Gatehall Dr., a 389,000-square-foot office property in Parsippany, NJ. A Colliers team led by vice chair Jacklene Chesler, VP Patrick Norris, associate Jake Moss and director Philippe Jomphe is marketing the property, which is listed on Ten-X for auction from October 7 through October 9.

Originally designed to support big data and technology operations, the property is equipped with enhanced floor loads to accommodate high-tech equipment. It’s located within a master-planned 58-acre corporate campus and has undergone nearly $6 million in capital investments.

“The property offers a unique opportunity for investors seeking both stability and growth,” said Chesler. “The property, currently 30% leased to credit tenants, offers positive cash flow from its in-place leases. This provides a value-add opportunity to significantly increase net operating income through the lease-up of the remaining vacant space, making this an attractive asset in today’s current market.”