Class-A industrial facility opens in Lawrence Township; will drive economic opportunity
December 11, 2023
Avison Young hosts ribbon-cutting ceremony of the 261,646 SF class A warehouse
Morristown, NJ – A ribbon-cutting ceremony hosted by Avison Young was recently held to celebrate the opening of a 261,646-square-foot (sf), class-A warehouse/light manufacturing facility at 40 Enterprise Avenue in Lawrence Township, NJ. The property is the first new building in New Jersey developed by Alcamo Capital and aims to satisfy the current demand in the growing local industrial market, and to bring meaningful employment to the area.
Present at the ceremony were owners Vin Basile, Lara Basile, and Anthony Basile, together with Jonathan Fox of Alcamo. Also present were Council member James Kownacki and Municipal Manager Kevin Nerwinski representing Lawrence Township; Avison Young Principals Timothy Cadigan and Matthew Turse; and Matt Tracy, Brian Summers and Jerrell Kerzetski of RC Anderson, general contractors on the development.
Avison Young has advised Alcamo Capital since the early stages of development and is marketing the property for lease.
“We’re thrilled to open this property, which allows Alcamo to maximize the site’s potential and provide the community with greater employment and revenue opportunities,’ said Cadigan. “It’s great to work with a sophisticated client who recognizes the economic growth potential in our local market,” said Cadigan.
This new facility replaces a blighted brownfield site. It represents ongoing economic and real estate market trends toward demand for modern e-commerce and logistics facilities. The development will greatly enhance an area primed for modernization and will provide a home for an employer who may have otherwise overlooked the area in search of high-quality space.
“We are delighted to welcome new tenants and celebrate the opening of this quality facility alongside our partners at Avison Young. This team was the clear choice to oversee the leasing for Lawrence Logistics Center given the firm’s extensive market knowledge and experience in successful project lease ups,” said Anthony Basile, Principal, Alcamo Capital.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.