The asset involved in this transaction is a 10.5-acre development site located in Parsippany, New Jersey. This site is intended for the development of Apex Logistics, which will feature a Class A logistics facility encompassing 140,000 square feet.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: Not disclosed
• Address: Apex Logistics at Parsippany
• Market: Parsippany
• BSF: 140,000
• Acres: 10.5
• Buyer: Mark Levy - Altman Logistics Properties
• Broker: Gary Gabriel - Cushman & Wakefield
• Broker: Kyle Schmidt - Cushman & Wakefield

Mark Levy, representing Altman Logistics Properties, has successfully acquired the development site through a joint venture with Renard Investments and DHS Real Estate Investment Management. Construction on the facility is planned to begin in early 2025, with the project's delivery expected in early 2026, marking a significant move into New Jersey's industrial market amid strong demand for logistics space.