By Joshua Burd
Nine of the state’s most impactful development projects will take center stage Wednesday night as NAIOP New Jersey hosts its annual commercial real estate awards gala.
This year’s event will be held virtually, but the finalists for the coveted Deal of the Year award are no less consequential or influential as the industry grapples with a public health and economic crisis. Here is what you need to know about the high-profile projects and their development teams, including our own past coverage and descriptions from NAIOP New Jersey.
40 Beechwood Road is a redevelopment project in the heart of downtown Summit. The previously vacant property was transformed into a boutique trophy office and is now headquarters to a leading private equity firm that relocated to Summit. The redevelopment included state-of-the-art systems, features and finishes and incorporated many energy efficiencies throughout the building.
Partners in the deal: Saxum Real Estate, Mancini Duffy and MRY Associates.
Bridge Point 78
The site is a 365-acre former brownfield site which required extensive geotechnical and environmental remediation. Bridge redeveloped the former Ingersoll Rand manufacturing plant, in the townships of Phillipsburg and Lopatcong, into a Class A industrial warehouse campus that, once complete, will total 3.85 million square feet. Phase one, comprised of four warehouses totaling 2,177,554 square feet, is being sold as part of a $695 million national portfolio.
Partners in the deal: Bridge Development Partners, CBRE, JLL and Hartford Investment Management
Crow Holdings at Veronica Ave.
With determination and creativity, Crow Holdings Industrial has developed a nearly 1 million-square-foot warehouse property in a location that caters to industrial employees and signed LG Electronics as a tenant — reshaping how we view industrial and establishing Franklin Township as a viable industrial market.
Partners in the deal: Crow Holdings, 2020 Acquisitions, LG Electronics USA, Cushman & Wakefield, Maser Consulting, Peter Lanfrit, M+H Architects, Township of Franklin, Alston Construction, Riker Danzig Scherer Hyland & Perretti LLP, Giordano Halleran & Ciesla and The Carlyle Group.
Everest headquarters at Warren Corporate Center
Everest’s 315,086-square-foot long-term lease at Warren Corporate Center was New Jersey’s largest new office lease in 2019. Beyond its size, it demonstrates the emergence of a new breed of offices that lead with a hospitality-based experience and an environmentally sensitive campus to create a workplace that drives creativity and increases tenant retention.
Partners in the deal: Vision Real Estate Partners, Rubenstein Partners, CBRE, Cushman & Wakefield, Robert Derector Associates, Vision Real Estate Construction, HLW, Structure Tone, Bohler Engineering, Fox Rothschild and Gibbons P.C.
Lotus 315 is a luxury mixed-use development by Newark-based firm Blackstone 360. The structure’s sleek, ship-like design is unlike anything of its kind, consisting of 180 luxury residential units and 33,000 square feet of ground-floor retail, ideally located along the bustling corridor of South Harrison Street in East Orange.
Partners in the deal: Blackstone 360 LLC, Amboy Bank, Avison Young, International Office of Architects, ADG and Frank H. Lehr Associates
M Station at Morristown
M Station is a transformative Class A mixed-use development in the heart of Morristown. This new ground-up project is the most significant commercial development planned for Morristown in almost 40 years. M Station’s site plan comprises two headquarters-quality, Class A office buildings with ground-floor retail space and a parking structure. Partners in the deal: SJP Properties, Cushman & Wakefield, Gensler, Riker Danzig, Scotto Properties and Deloitte
Piscataway Logistics Center
Rockefeller Group’s redevelopment of a former brownfield site in Piscataway has opened a world of opportunities for companies seeking state-of-the-art warehouse and distribution facilities in a supply-constrained market, and introduced a concept that will potentially change the way developers and users approach industrial real estate.
Partners in the deal: Rockefeller Group, PCCP, M+H Architects, Langan, Cushman & Wakefield and Alston Construction.
Steel Run Logistics Center Development and Home Depot build-to-suit
Land acquisition and development of the Steel Run Logistics Center in Perth Amboy, including a 20-year build-to-suit lease with Home Depot, totaling 1.25 million square feet across two state-of-the-art distribution facilities.
Partners in the deal: Duke Realty Corp., Cushman & Wakefield, CBRE and Home Depot
Vinty is a transformational mixed-use project that will serve as a new town center in Elizabeth. The partnership between MAS Development and LeCesse Development, assisted by JLL Capital Markets, which secured construction financing and equity to capitalize construction of a progressive community located adjacent to the train station, within an Opportunity Zone.
Partners in the deal: MAS Development, LeCesse Development and JLL