Altman Secures Site of Apex Logistics in Parsippany, New Jersey

Altman Logistics Properties, an operating platform of Altman, formerly known as BBX Capital Real Estate, has announced the acquisition of a 10.5-acre site in Parsippany, New Jersey. The project, Apex Logistics at Parsippany, will feature approximately 140,000 square feet of Class A logistics space. Developed through a joint venture with Renard Investments and DHS Real Estate Investment Management B.V. from the Netherlands, the facility aims to address the high demand for modern logistics space in northern New Jersey's supply-constrained market.

Strategic Location and Sustainable Development

The site, located at the intersection of I-80 and I-287 in Morris County, offers easy access to major routes like I-280, I-78, and Routes 24, 46, and 10. Its proximity—just 30 miles from New York City, Newark Liberty International Airport, and regional ports—makes it ideal for logistics operations. Construction is expected to begin in early 2025, with completion targeted for early 2026. The current single-story office building on the site will be replaced with the new development.

Renard Investments' U.S. Market Entry

This project marks the first U.S. venture for Renard Investments and DHS Real Estate Investment Management B.V. Renard’s founder, Stijn Vos, highlighted their commitment to sustainable warehouse development and their optimism about growth opportunities in the American market, leveraging their expertise in sustainable energy and logistics.

Altman’s Expansion into Northern Markets

Altman Logistics Properties, led by a team with over 75 years of industry experience, has primarily focused on Florida but sees northern New Jersey as a key growth area. President Mark Levy emphasized that this acquisition signals the beginning of Altman’s regional expansion strategy. Altman has also been actively developing logistics facilities across Florida, with projects in Delray Beach, Lakeland, and Davie, including a 600,000-square-foot logistics complex in Delray Beach.

“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. We expect this will be the first of several logistics developments we pursue in the region over the years to come,” said Mark Levy, President of Altman Logistics Properties.

"With strong leasing activity and continued flight to quality by tenants to newly built and existing class A product, we’re thrilled to mark our entry into the market and see New Jersey as an important piece of Altman’s expansion strategy," said Madeline Fine, Vice President, Director of Leasing of Altman Logistics Properties.

New Jersey’s Thriving Industrial Market

The New Jersey industrial market continues to show strong performance, with a 19.4% increase in leasing activity in Q3 2024, reaching 21.2 million square feet year-to-date. This robust demand for newly built and Class A spaces supports Altman’s decision to invest in the region.

Project Partners and Future Prospects

The land acquisition was facilitated by Cushman & Wakefield, represented by Gary Gabriel and Kyle Schmidt, while Resource Realty, led by Tom Consiglio, Scott Peck, and Greg Sabato, will handle leasing. Altman plans to design the facility to meet the needs of last-mile tenants, ensuring a focus on accessibility and efficiency for surrounding urban centers.

With its strong track record and strategic approach, Altman Logistics Properties aims to solidify its presence in the northern New Jersey market and beyond.