Morris County · Parsippany-Troy Hills Township · #26CP0658
7 Campus Dr
7 Campus Dr, Parsippany-Troy Hills Township, NJ · 128,500 sq ft non-residential, warehouse & storage
About this project
A permit for a 128,500 sq ft moderate-hazard storage building at 7 Campus Drive in Parsippany-Troy Hills Township. The reported construction cost is about $6.8 million.
Official description: Storage building, moderate hazard; reported construction cost $6,791,004
- Plan type
- Building permit (new construction)
- Land use
- Storage building, moderate hazard
- Status
- Permit
Filing history
- 2026-05-14 · #26CP0658 · Building permit (new construction) · 128,500 sq ft
The full picture AI research · Nov 1, 2026
The county record describes a 128,500 sq ft storage building at 7 Campus Drive in Parsippany-Troy Hills, with a reported construction cost of about $6.8 million. Trade press describes the same site as a new modern warehouse of about 128,150 sq ft on a 10-acre lot, built for lease or sale without a named tenant.
The site held a vacant office building of about 156,000 sq ft, which the developers bought in June 2025. That building is being replaced with a warehouse designed for distribution use. Press reports say it has tall interior ceilings, roughly 22 to 23 loading docks and about 100 car parking spaces.
A construction loan of about $19.6 million was announced in December 2025. Construction was reported as underway, with completion expected in 2026. No opposition or hearing coverage was found.
What it could mean nearby
- Truck traffic would likely replace the lower, more car-based traffic of an office building. The site has two entrances and sits near the Interstate 80 corridor.
- The site is redeveloped rather than cleared open land, so no new open space is lost, based on its prior office use.
- A future tenant could bring warehouse jobs, but none is named in the sources.
Where it stands
The county filed a permit record on 2026-05-14, and press reports say construction was already underway in late 2025. After construction, the usual next steps are a certificate of occupancy and leasing or sale to a tenant.
- May 14, 2026 Latest county permit filing for the storage building
- Dec 4, 2025 Construction loan of about $19.6 million announced
- Jun 2025 Developers bought the vacant office property
- 2020 Previous owner sold the office property for about $12.75 million
Want to weigh in? Building permits are handled by the township's construction office, and residents can raise concerns at Parsippany-Troy Hills Township public meetings, though no public hearing was found for this project.
Who's behind it
Saxum Real Estate and Penwood Real Estate Investment Management (joint venture) · A joint venture of two real estate investment firms that develops and redevelops industrial and other commercial properties, reported by trade press.
Around the web
- $20M loan backs Parsippany office-to-industrial projectNJBIZ · Dec 5, 2025Reports the joint venture, the 128,150 sq ft warehouse on 10 acres, the loan, the former vacant office building and 2026 completion.
- C&W: Saxum, Penwood ink $19.6 million construction loan for Parsippany warehouse projectRE-NJ · Dec 4, 2025Reports the construction loan for the Parsippany warehouse project.
- 7 Campus DriveCBREMarketing listing offering the new building for lease.
Planning terms explained
- Speculative warehouse
- A warehouse built before a tenant is signed, in the hope of leasing or selling it once finished.
- Moderate-hazard storage
- A building-code category for storing goods that burn moderately fast, which sets fire-safety requirements.
- PILOT
- A payment-in-lieu-of-taxes agreement, where an owner makes negotiated payments instead of regular property taxes.
- Certificate of occupancy
- The township's final sign-off that a finished building is safe to use.
- Loading dock
- A raised bay where trucks load and unload goods.
Researched by AI from public sources on Nov 1, 2026. It can make mistakes, so check the linked sources and the municipality before relying on it.
Scope estimate for contractors
Estimated construction value: $16.7M
- ~1,285 roofing squares (assumes 1 story)
- ~321 tons of cooling (rule of thumb 400 sq ft/ton)