LA Enterprises Inks 372,000 SF Industrial Lease in Monroe Twp
Posted April 21, 2010
We Recommend...
L.A. Enterprises, Inc., a specialty packaging company, has leased 372,000 square feet at Alovats North, 1 Costco Way in Monroe Twp. The company will relocate its headquarters operation to the property from South Brunswick, N.J., in an expansion move.
Stan Danzig, Jules Nissim, Noah Balanoff of Cushman & Wakefield's East Rutherford, N.J., office, and Frank Caccavo and Jason Goldman of the firm's Edison, N.J., office represented landlord Principal Real Estate Investors during negotiations with L.A. Enterprises. The team serves as exclusive agent for the nearly 1 million-square-foot, Class A warehouse/distribution property.
Douglas Fura of NAI Farbman and Raymond Musalo of Alliance Real Estate Group brokered the long-term transaction on behalf of the tenant.
Principal developed Alovats North on spec, on what widely was considered one of the best-located remaining land sites in the Exit 8A submarket. Located on Cranbury South River Road at Costco Way, the property offers visibility from the NJ Turnpike and is one mile north of the Exit 8A interchange. The building is located on 56.6 acres and features 36-foot clear ceilings, 50x50 column spacing, cross-docked loading, ample trailer parking and 275 car parking spaces. The balance of the space can be leased in its entirety or divided for multiple users; interior office space will be built to suit.
L.A. Enterprises is a minority-owned firm that services major retail customers, with an emphasis on the cosmetics industry. "Principal worked closely with L.A. Enterprises to ensure that the building improvements would satisfy their needs for efficient production," Nissim noted. "The end result is a unique fitout that expands the company's operation by some 130,000 square feet, with room to grow. Principal's flexibility also contributed to aggressive terms that ultimately secured L.A. Enterprises' commitment."
"Alovats North is a terrific property," Nissim said. "It sits 40 miles from New York City, 45 miles from Philadelphia, 30 miles from the Port of Newark/Elizabeth and 33 miles from Newark Airport. As such, it provides the ideal point for one-day service to major Northeast, Mid-Atlantic, and Mid-West markets."
blog comments powered by