PARSIPPANY — Advance Realty Investors has unveiled plans to deliver 110,000 square feet of new industrial space in Parsippany, marking a major addition to one of North Jersey’s most supply-constrained industrial submarkets.
The project, known as 249 Pomeroy Logistics Center, is being marketed by JLL. Advance Realty recently closed on construction financing and is targeting an October 2026 delivery.
The development received approval under the New Jersey Long Term Tax Exemption–Urban Renewal Entities (PILOT) program in November 2023, following action by the Township of Parsippany-Troy Hills. The agreement provides a long-term payment in lieu of taxes structure, helping reduce occupancy costs for future tenants while supporting redevelopment in a previously underutilized area.
Designed to accommodate one or two tenants, the facility will feature 36-foot clear ceiling heights, 21 dock doors, two drive-in doors, 20 trailer stalls, and what the developer describes as a market-leading 4,000 amps of power capacity. The building is expected to appeal to logistics, distribution, and light manufacturing users seeking scalable, high-performance space.
The property sits directly adjacent to Interstate 287, near the intersection with Interstate 80, offering exceptional highway visibility and access. According to the leasing team, the site will also include optimized loading depth, strong dock density, and full counterclockwise truck circulation.
“As long-term stakeholders in the municipalities we invest in, we are especially excited to execute on delivering a best-in-class building at 249 Pomeroy Road in Parsippany,” said Alexander Cocoziello, principal and chief investment officer at Advance Realty Investors. “This building will be unique for prospective tenants due to its direct adjacency to I-287, providing incredible marketing opportunities while benefiting from a long-term tax exemption that minimizes occupancy costs.”
The JLL Northeast industrial team handling the assignment includes Vice Chairman David Knee, Executive Managing Director Chris Hile, Managing Director Ignatius Armenia, and Executive Vice President Ryan Milanaik. The brokers noted that the building’s flexible layout allows it to serve both full-building users and efficiently demised tenants.
The site is approximately 30 minutes from Newark Liberty International Airport and Port Newark-Elizabeth, offering access to global air and seaport infrastructure while avoiding port-adjacent congestion. With immediate highway connectivity and proximity to a deep labor pool, the property can reach an estimated 49 million people within a four-hour drive across the Boston-to-Washington corridor.
According to JLL’s third-quarter 2025 New Jersey industrial analysis, statewide industrial vacancy stands at 7.6 percent, with year-to-date net absorption remaining positive despite limited new deliveries. JLL reported New Jersey experienced its largest quarterly vacancy decline in more than three years during Q3, driven by strong Class A absorption and subdued construction activity—particularly outside northern New Jersey—underscoring continued demand for well-located, modern industrial facilities like 249 Pomeroy Logistics Center.
