Real estate development company Altman has announced the acquisition of a 15.7-acre site for the development of Apex Logistics at Hamilton by a joint venture between Altman Logistics Properties and DWS.
The project is expected to consist of approximately 170,800 square feet of modern, efficient, and sustainable Class A logistics space in an industrial real estate market that has seen sustained strong demand for such space.
Construction on the site situated at the intersection of I-195 and Route 130 is expected to break ground in early 2025 with an anticipated delivery in early 2026.
Apex Logistics at Hamilton’s central location, with approximately 7.8 million consumers within a one-hour drive, is well situated for last-mile distribution users in New York City and Philadelphia.
Altman Logistics Properties was formed for the purpose of developing Class A logistics developments in proximity to urban areas, with a focus on highly supply-constrained submarkets with strong population growth and significant consumption.
“This marks our second land acquisition over the past month in New Jersey, a growing real estate market that is an important piece of our platform’s expansion strategy. We look forward to advancing our plans to build these planned logistics developments to serve the region’s tenant demand for Class A industrial space,” said Mark Levy, president of Altman Logistics Properties.
In late October, a joint venture between Altman Logistics Properties, the family office Renard Investments, and DHS Real Estate Investment Management B.V. announced the acquisition of a 10.5-acre site to develop Apex Logistics at Parsippany in Parsippany, which is expected to consist of approximately 140,000 square feet of Class A logistics space.
During the third quarter 2024, new leasing activity across the New Jersey industrial market grew by approximately 19.4 percent quarter-over-quarter totaling 8.0 million square feet and bringing the year-to-date total activity to 21.2 million square feet — the highest volume since the first quarter of 2022, according to Cushman & Wakefield’s third quarter 2024 industrial report. The report also indicates a continued movement by tenants to newly built and existing class A product.
The land acquisition was arranged by Gary Gabriel and Kyle Schmidt at Cushman & Wakefield, who represented the seller in the transaction. KBC Advisors will serve as the development’s leasing agent led by Marc Petrella, Andrew Siemsen, and Michael Kimmel.
For more information on Altman, visit altmanlogisticsproperties.com.
