October 10, 2024 (press release) –
MORRISTOWN, N.J., Oct. 10, 2024 – JLL Capital Markets announced today the sale of 2 Hilton Court, a 10.41-acre site, which will be redeveloped into a 123,000-square-foot warehouse in Parsippany, New Jersey.
JLL worked on behalf of the seller, 2 Hilton Court LLC, in the transaction, and Link Logistics acquired the property.
2 Hilton Court is strategically located near the major I-80 and I-287 interchange in affluent and dense Morris County within the SED-10 zone, one of the specialized economic development districts in Parsippany. The site offers convenient access to major thoroughfares such as NJ-10, I-287, NJ-24 and I-80. Furthermore, it is located less than 60 miles from three major international airports: Newark Liberty International Airport, LaGuardia Airport and JFK International Airport.
The JLL Investment Sales and Advisory team was led by Senior Managing Directors Marc Duval and Jose Cruz along with Managing Director Jordan Avanzato and Directors Nicholas Stefans and Jason Lundy.
“The industrial market in northern New Jersey has been a strong performer despite the headwinds over the past few years and the quality locations that offer accessibility and labor remain a top choice for developers,” said Duval.
“Critical to the success of this transaction was the acumen of the seller, 2 Hilton Court LLC, to reposition the asset to the highest and best use, and the buyer to see Parsippany as a strong logistics location,” Avanzato added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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