Cushman & Wakefield announced on Thursday that it has arranged $19,600,000 in construction financing for the redevelopment of 7 Campus Drive in Parsippany. The real estate services firm served as exclusive advisor to a joint venture between Saxum Real Estate and Penwood Real Estate Investment Management.
The loan was provided by Univest Bank and Trust Co. It marks the third loan Univest has structured with Penwood, utilizing funds from Penwood Select Industrial Partners VII, L.P.
The project will transform an underutilized, vacant 156,000-square-foot office property into a state-of-the-art, 128,150-square-foot Class A industrial facility.
The new facility is designed to meet the sophisticated requirements of modern logistics and manufacturing users, featuring:
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36-foot clear ceiling heights.
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23 dock doors and two drive-in doors.
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A 130-foot truck court.
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4,000 amps of heavy power capacity to accommodate manufacturing or automation.
“This project exemplifies the continued evolution of Northern New Jersey’s office-to-industrial transformation,” John Alascio of Cushman & Wakefield said. “Highly accessible, underutilized sites are being repositioned to meet demand for modern logistics facilities.”
Located on 10 acres within the Greater I-80 Corridor, 7 Campus Drive offers premier regional connectivity. It is positioned within a 30-mile radius of New York City, Newark Liberty International Airport, and the Port of New York and New Jersey.
The site provides exceptional access to one of the tightest industrial markets in the country, with over 11 million consumers located within a one-hour drive.
Construction is currently underway, with completion scheduled for late 2026.
