PARSIPPANY — Link Logistics recently acquired the site of a vacant office building at Two Hilton Court in Parsippany, which is set to be redeveloped into a 123,000-square-foot warehouse. The property, previously occupied by Daiichi Sankyo, remained under lease until December 2022 despite the company relocating in 2016. Onyx Equities purchased the site in 2020, and it is now in the final stages of demolition, with the debris being cleared to make way for the new warehouse.
JLL’s brokerage team, representing the seller, handled the sale of the 10.41-acre property located just off Route 10, near Interstates 80 and 287. The location, within an economic development district in Morris County, attracted interest from the Blackstone affiliate due to its accessibility and prime location.
The transaction was led by JLL senior managing directors Marc Duval and Jose Cruz, along with Managing Director Jordan Avanzato and directors Nicholas Stefans and Jason Lundy, on behalf of 2 Hilton Court LLC.
“The industrial market in northern New Jersey has performed well despite challenges in recent years, and locations offering accessibility and labor remain top priorities for developers,” said Duval.
The sale comes four years after a joint venture, led by Onyx Equities, acquired the site from Mack-Cali Realty Corp as part of a larger 10-building, 1.5 million-square-foot office portfolio. The site, currently home to a vacant 186,020-square-foot office building, offers proximity to major highways and is within 60 miles of three international airports.
JLL noted during a previous offering that the seller was seeking amended site plan approval to redevelop the property as an industrial building, a key factor in the deal’s success, according to Avanzato.
Link Logistics is a major player in the industrial real estate sector, specializing in last-mile logistics properties throughout the United States. Founded by Blackstone in 2019, the company now manages a portfolio that spans over 533 million square feet of logistics space, including warehouses and business parks. They serve a wide range of customers, from e-commerce giants to local businesses, with a focus on providing strategically located facilities for efficient distribution.
One of the core aspects of Link Logistics’ operations is its focus on sustainability and using data-driven insights to optimize the supply chain. Their commitment to environmental, social, and governance (ESG) practices has been a significant part of their growth strategy. They also emphasize creating spaces that cater to modern logistical needs, helping their customers move goods quickly and efficiently across key U.S. markets.
The company has over 1,200 employees and operates out of 50 offices across the U.S., continuing to expand its footprint in high-growth areas like Parsippany, where they have been involved in recent acquisitions and redevelopments.
