JLL secures construction financing for Class A industrial speculative development in Hanover, NJ

MORRISTOWN, N.J., Oct. 21, 2025 –  JLL Capital Markets announced today it has secured construction financing for Marcus Partners' development of a new Class A industrial facility at 35 South Jefferson Road in Hanover Township, Morris County, New Jersey.

JLL represented Marcus Partners in securing a four-year construction loan with a one-year extension option with Truist Bank.

The to-be-constructed facility will span 72,000 square feet and feature premium industrial specifications, including 36-foot clear ceiling heights, 10 dock doors with the ability to expand to 18 loading positions, one drive-in door with potential for a second and 3,785 square feet of office space. The development will provide 90 employee parking spaces and eight trailer parking spaces on a 6.62-acre site, with a 130-foot truck court depth designed to accommodate modern logistics operations.

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, the property offers exceptional connectivity to major transportation networks. The strategic location provides direct access to New York City, New Jersey port facilities, Newark Liberty International Airport and the New Jersey Turnpike.

The development is situated in Hanover Township's Whippany section, approximately 30 miles west of Manhattan. The surrounding five-mile radius contains more than 160,000 residents and 8,000 blue-collar workers, providing substantial end-user demand and labor supply for potential tenants.

Marcus Partners broke ground on the development in September 2025 with an estimated delivery in April 2026.

“This transaction reflects Truist’s continued focus on serving our clients in Northern New Jersey’s tight industrial market,” said Rebecca M. Cox, Senior Vice President and Market Manager at Truist National Real Estate. “Limited supply and strong tenant demand are creating opportunities for thoughtfully executed and well-positioned developments like this one.”

The JLL Capital Markets team was led by Senior Managing Director Michael Klein and Vice President Michael Lachs.

"Marcus Partners brings over 30 years of development expertise and a proven track record of delivering more than $2.7 billion in successful projects," said Klein. "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."

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.

For more news, videos and research resources, please visit JLL’s newsroom. 

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Marcus Partners is a vertically integrated real estate firm with a team that has a 30-plus year history of successful investment, management and development. The firm is headquartered in Boston, with regional offices in Metro New York and the Mid-Atlantic. The firm focuses on strategic and opportunistic investment strategies across industrial, multifamily, and other property types where it can create value and maximize risk-adjusted returns. Marcus Partners and its affiliates own, control, operate or are developing 7M+ square feet of real estate and 3,200+ multifamily units.

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Headquartered in Charlotte, North Carolina, Truist has leading market share in many of the high-growth markets in the U.S. and offers a wide range of products and services through wholesale and consumer businesses, including consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments, and specialized lending businesses. Truist is a top 10 commercial bank with total assets of $544 billion as of June 30, 2025. Truist Bank, Member FDIC. Learn more at Truist.com.