40 Enterprise Ave. in Lawrence Township — Courtesy: Avison Young
By Joshua Burd
A developer has landed a second tenant to bring nearly 262,000 square feet of new industrial space in Lawrence Township to full occupancy, brokers with Avison Young said Thursday.
The user, iApparel Brands, will occupy 111,374 square feet at 40 Enterprise Ave. under the deal with Alcamo Capital LLC, according to a news release. The lease will support the growth of the New York-based apparel company, which was founded in 2007 and has a diverse portfolio of brands and licenses in the outerwear, swimwear and activewear categories, including the recently acquired SOUTHPOLE label.
Avison Young’s JC Giordano, Timothy Cadigan, Matthew Turse and Stephen Gianis represented both the landlord, Lawrence Logistics Urban Renewal LLC, and the tenant.
“This transaction delivers needed expansion for the tenant and completes full lease-up of the asset — a win for the tenant, community and ownership,” said Giordano, a principal based in the brokerage firm’s Morristown office.
Known as Lawrence Logistics Center, the 261,646-square-foot facility is also home to CEVA Logistics after a 150,272-square-foot lease announced early this year. Alcamo engaged Avison Young four years ago to lead the transformation of the functionally obsolete property into a high-end industrial asset, part of a process that included zoning changes, infrastructure upgrades and participation in long-term tax incentive programs.
The property spans more than 16 acres and has 40-foot clear heights, 40 dock doors, 141 car parking spaces and 33 trailer parking stalls, offering modern functionality for today’s logistics and distribution users.
“The Lawrence industrial submarket has been highly competitive, with several new deliveries and limited leasing activity,” said Cadigan, also a principal with Avison Young. “Fully leasing this building validates the redevelopment strategy and highlights the effectiveness of Avison Young’s marketing approach.”
Logistics firm takes 150,000 sq. ft. at new warehouse in Lawrence Twp., Avison Young says
