PARSIPPANY — A major redevelopment project is moving forward in Parsippany, as a joint venture has secured a $19.6 million construction loan to build a new 128,150-square-foot industrial facility at 7 Campus Drive.
Univest Bank and Trust Co. is financing the project, which will transform the former site of a vacant 156,000-square-foot office building. Developers Saxum Real Estate and Penwood Real Estate Investment Management LLC expect to deliver the modern warehouse and logistics center by late 2026.
Located just off Route 10 and minutes from Interstates 80 and 287, the new facility will feature 36-foot clear ceiling heights, 23 dock doors, two drive-in doors, a 130-foot truck court, 4,000 amps of power, and 103 parking spaces. Construction is already underway on the 10-acre parcel.
Cushman & Wakefield’s John Alascio, Chuck Kohaut, TJ Sullivan, and Mary Shin arranged the financing — the third loan Univest has provided to Penwood.
“This project exemplifies the continued evolution of northern New Jersey’s office-to-industrial transformation, where highly accessible, underutilized sites are being repositioned to meet demand for modern logistics facilities,” Alascio said. “Saxum and Penwood each have a reputation of delivering institutional-quality industrial assets, and we’re proud to have structured a financing solution that supports their vision for this exciting development.”
The joint venture acquired the property earlier this year through the Penwood Select Industrial Partners VII LP investment vehicle. According to the brokers, the facility’s design, heavy power capacity, and flexibility will appeal to last-mile distributors, regional logistics operators, and modern manufacturing companies. The site also offers two points of ingress and egress and sits within a one-hour drive of more than 11 million consumers, making it an attractive location in Parsippany’s growing industrial corridor.
