By Joshua Burd
NAIOP New Jersey has unveiled the finalists for its coveted Deal of the Year awards, a group that includes eight of the state’s most high-profile transactions of 2017.
The commercial real estate development association has announced choices for the three categories: industrial, office and mixed-use. It will name the three winners on May 10 at its 31st annual awards gala in the Somerset section of Franklin, as part of a ceremony and networking event that routinely draws a who’s who of New Jersey commercial real estate.
The finalists include:
Industrial Deal of the Year:
BridgePort 1 Logistics Center in 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. The modern 1.3 million square-foot complex is home to Target Corp. 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 in Elizabeth: Prologis Ports Elizabeth is a redevelopment that is now being built 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 in 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 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 in 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.
Office Deal of the Year:
Billtrust’s headquarters lease at Princeton Pike in 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 sale of The Crossings to Barclays Capital in Whippany: The Crossings at Jefferson Park’s sale from Vision Real Estate Partners and Rubenstein Partners to Barclays 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.
Mixed-use Deal of the Year:
Site Assemblage at Valley Health System in Paramus: A Cushman & Wakefield team assembled a 20-plus-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 in 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 Corp., Pennrose Properties, city of New Brunswick, Middlesex County, Rutgers University, New Brunswick Cultural Center, New Jersey Economic Development Authority, New Brunswick Parking Authority (NBPA), AJD Construction, Elkus Architects, Investors Bank, AEGON, CITI and TD Bank.
The 31st annual gala also will honor the recipients of the 2018 Commercial Real Estate Awards. Jon F. Hanson of The Hampshire Cos. will receive the Lifetime Achievement Award, with Michael J. DeMarco of Mack-Cali Realty Corp. and Jeffrey J. Milanaik of Bridge Development Partners slated to receive the Impact Award. Also, 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.