The New Jersey Chapter of NAIOP, the commercial real estate development association, has announced the finalists for its highly coveted Deal of the Year Awards. Three winners, one each for Industrial Deal of the Year, Office Deal of the Year and Mixed-Use Deal of the Year, will be revealed at the 31st Annual Commercial Real Estate Awards Gala, which will be held on Thursday, May 10 at The Palace at Somerset Park in Somerset, N.J.
The Industrial Deal of the Year finalists are:
BridgePort 1 Logistics Center, Perth Amboy: A 103-acre Brownfield site that required extensive environmental and geotechnical remediation, BridgePort 1 Logistics Center has been redeveloped into New Jersey's premier industrial distribution campus. Containing 1.3 million square feet of modern distribution buildings and home to Target Corporation, BridgePort 1 Logistics Center offers modern Class A amenities to meet the demands of today's most sophisticated end-users. Involved in the deal: Bridge Development Partners, CBRE, Banner Oak Capital Partners, Teachers Retirement System of Texas, Wells Fargo, Heitman Capital Management, Premier Design Build Group, Menlo Engineering Associates, SESI Consulting Engineers, Excel Environmental Resources, Melick-Tully & Associates, Lane Miller Esq., Wanda Monahan Esq., and the City of Perth Amboy.
Prologis Allied Beverage Build to Suit, Elizabeth: Prologis Ports Elizabeth is a redevelopment which is now being developed into a state-of-the-art wine and spirits distribution center, as well as the new corporate headquarters for Allied Beverage. The building site, which is located at 700 Kapkowski Road in Elizabeth, will be 540,000 square feet when completed. Involved in the deal: Prologis, JLL, Allied Beverage, RC Andersen, EWMA and Menlo Engineering Associates.
Turner Logistics Center, Piscataway: Greek Development and its partners took an obsolete R&D facility and redeveloped it into a 451,800-square-foot modern manufacturing center for its Cascades, revitalizing the area, creating hundreds of jobs and creating a strong financial asset for its partners. Involved in the deal: F. Greek Development, JLL, Maser Consulting PA, Wilentz Goldman & Spitzer, Zipp Tannenbaum & Caccavelli, LLC, LaSalle Investment Management, Cascades, and the Township of Piscataway.
LogistiCenter @ Logan 2651 Oldmans Creek Road, Logan Township: The long-term lease of the largest industrial build to suit transaction in the history of Southern New Jersey resulted in the creation of over 800 new jobs and an investment in excess of $100 million in public and private improvements. Involved in the deal: Dermody Properties, Langan Engineering and Environmental Services, Ford & Associates Architects, Archer & Greiner, Gray Construction, Washington Capital Management, Colliers International and Cushman & Wakefield.
The Office Deal of the Year finalists are:
Billtrust HQ Lease at Princeton Pike, Lawrenceville: Billtrust's 89,000-square-foot headquarters lease represented the largest new office lease in the Princeton submarket in 2017, and the fourth largest statewide. Beyond its scope, it signals the emergence of a new generation of office space users, one that will play a vital role in New Jersey's future economic health. Involved in the deal: Colliers International, Billtrust, Vision Real Estate Partners, JFR Global Investors, Sills Cummis & Gross PC and Newmark Knight Frank.
The Crossings Sale to Barclays Capital, Whippany: The Crossings at Jefferson Park's sale from Vision Real Estate Partners and Rubenstein Partners to Barclay's Capital marked the completion of a 525,000-square-foot benchmark suburban office campus transformation, yielding an experiential environment combining work, play, well-being and sustainability. The new owner/occupier will maintain more than 3,000 jobs in New Jersey. Involved in the deal: Vision Real Estate Partners, Rubenstein Partners, Barclays Capital, Cushman & Wakefield, JLL and Gensler.
The Mixed-Use Deal of the Year finalists are:
Cushman & Wakefield Site Assemblage at Valley Health System, Paramus: The Cushman & Wakefield team assembled a 20+ acre site for Valley Health System's new $735 million hospital in Paramus. It involved the purchase of two sites comprising 500,000 square feet of office space and a one-acre car wash. As part of the transaction, an additional 200,000-square-foot office building was constructed. Involved in the deal: Cushman & Wakefield, Valley Health System, Cole Schotz P.C. and Welsh Chester Galiney Matone Inc.
New Brunswick Cultural Center Redevelopment, New Brunswick:The $171.8 million, 450,000-square-foot, 23-story New Brunswick Cultural Center Redevelopment initiative represents a complex public-private partnership of 19 major partners. With world-class performance venues, 207 apartments, office space and a parking garage, it will transform the city's cultural district. Involved in the deal: New Brunswick Development Corporation (DEVCO), Pennrose Properties, City of New Brunswick, County of Middlesex, Rutgers University, New Brunswick Cultural Center, NJ EDA, New Brunswick Parking Authority (NBPA), AJD Construction, Elkus Architects, Investors Bank, AEGON, CITI and TD Bank.
The recipients of the 2018 Commercial Real Estate Awards will also be honored at the Gala. Jon F. Hanson of The Hampshire Companies will receive the Lifetime Achievement Award. The Impact Award will be presented to Mack-Cali Realty Corporation’s Michael J. DeMarco and Jeffrey J. Milanaik of Bridge Development Partners. Stan Danzig of Cushman & Wakefield will be recognized with the Industry Service Award and Woodbridge Mayor John E. McCormac will receive the Caren S. Franzini Public Partner Award.
The members-only Gala ticket pre-sale is open now through March 17. Ticket sales will be open to the public on March 18. For complete details and updates, visit http://naiopnj.org/Gala31.
