CEVA Logistics, which provides and operates transportation and global supply chain solutions, will occupy 150,272-square-feet (sf) of a 261,646-square-foot building in Lawrence Township owned by developer Alcamo Capital, according to a Tuesday announcement from Avison Young which facilitated the transaction.
Located at 40 Enterprise Avenue, the property is a redevelopment of a functionally obsolete asset into a class A warehouse facility.
Alcamo was represented by Avison Young’s J.C. Giordano, Tim Cadigan, Matt Turse, John Gianis, Stephen Gianis and Judy Troiano. CEVA Logistics was represented by Newmark’s Craig Engelhardt, Tom Carragher, Chris Carragher and Kyle Eaton.
“By engaging Avison Young to advise and execute the marketing of this newly developed building, we know we’ve not only delivered great value to our tenants, but also, providing a great place to work for the surrounding labor force,” Anthony Basile, principal, Alcamo Capital said.
The property is among a handful of redevelopment projects taking place in the submarket. Despite that, the property stood out due to the overall quality and design of the asset which included several sustainability features as well as 40-foot ceilings and exposure on US Rt.1. Additionally, the building has a 30-year Payment in Lieu of Taxes program providing substantial savings and stability for CEVA.
Avison Young is now focused on leasing the remaining unit of +/-111,374 SF which has 33 trailer parking stalls and 21 dock doors, making it an ideal opportunity for another logistics provider.
“This submarket is among the most competitive in the region in terms of attracting tenants, given the number of new construction buildings delivered and coming to the market, so securing CEVA Logistics was a priority for Alcamo Capital,” Giordano said. “Despite the market challenges upon initial delivery, we feel this lease represents a significant and positive outlook as leasing velocity in 2025 should continue to increase.”
