JLL Capital Markets on Tuesday said it secured construction financing for Marcus Partners’ development of a new Class A industrial facility located at 35 South Jefferson Road in Hanover Township.
JLL represented Marcus Partners in securing a four-year construction loan, which includes a one-year extension option, from Truist Bank.
Premium specifications and strategic location
The to-be-constructed facility is a speculative industrial development spanning 72,000 square feet. The warehouse is designed with premium specifications tailored to modern logistics and industrial operations, including:
- 36-foot clear ceiling heights
- 10 dock doors (with expansion capability to 18 loading positions)
- One drive-in door (with potential for a second)
- 3,785 square feet of dedicated office space
- A 130-foot truck court depth
The 6.62-acre site will also provide 90 employee parking spaces and eight trailer parking spaces.
The property is strategically positioned in the Whippany section of Hanover Township, offering exceptional connectivity to major transportation networks. It is located less than one mile from the intersection of Route 10 and Interstate 287, and three miles south of the Interstate 287 and Interstate 80 interchange. This location provides direct access to New York City, the New Jersey port facilities, Newark Liberty International Airport, and the New Jersey Turnpike.
Capitalizing on strong market demand
The development breaks ground in September 2025, with an estimated delivery date in April 2026. The project is designed to capitalize on the acute shortage of quality industrial space in Northern New Jersey.
Michael Klein, senior managing director with the JLL Capital Markets team, praised the developer’s insight. “With their deep understanding of industrial market fundamentals and the acute shortage of quality space in this size range, this development is perfectly positioned to capitalize on tenant demand in Northern New Jersey,” Klein said.
Rebecca Cox, senior vice president and market manager at Truist National Real Estate, noted the bank’s continued focus on the region. “Limited supply and strong tenant demand are creating opportunities for thoughtfully executed and well-positioned developments like this one,” she said.
The surrounding five-mile radius supports the project with a labor supply of over 8,000 blue-collar workers and a residential population exceeding 160,000 residents, indicating strong end-user demand.
The JLL Capital Markets team securing the financing was led by Senior Managing Director Michael Klein and Vice President Michael Lachs.
