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NAIOP announces Deal of the Year finalists

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The New Jersey chapter of the National Association of Industrial and Office Properties has named its Deal of the Year finalists. The award finalists are divided into office, industrial and mixed-used deals.

Industrial Deal of the Year finalists include:

BridgePort 1 Logistics Center, Perth Amboy—A 103-acre brownfield site in Perth Amboy that was developed into a 1.3 million-square-foot distribution center and now is home to Target. 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 were involved in the transaction.

Prologis Allied Beverage Build-to-Suit, Elizabeth—At 700 Kapkowski Road, Elizabeth, Prologis is set to develop a 540,000-square-foot wine and spirits distribution center as well as the new corporate headquarters for Allied Beverage.  Prologis, JLL, Allied Beverage, RC Andersen, EWMA and Menlo Engineering Associates were part of the deal.

Turner Logistics Center, Piscataway—Greek Development took an obsolete R&D facility and redeveloped it into a 451,800-square-foot manufacturing center for Cascades. F. Greek Development, JLL, Maser Consulting PA, Wilentz Goldman & Spitzer, Zipp Tannenbaum & Caccavelli LLC, LaSalle Investment Management, Cascades, and the Township of Piscataway were part of the deal.

LogistiCenter@Logan, Logan Township—The site at 2651 Oldmans Creek Road, Logan Township will be a long-term lease of the largest industrial build-to-suit transaction ever in Southern New Jersey. The project resulted in the creation of 800 new jobs and an investment of over $100 million by developer Dermody Properties and others. Dermody Properties, Langan Engineering and Environmental Services, Ford & Associates Architects, Archer & Greiner, Gray Construction, Washington Capital Management, Colliers International and Cushman & Wakefield were part of the transaction.

Office Deal of the Year finalists include:

Billtrust HQ lease at Princeton Pike, Lawrenceville—Billtrust’s lease for 89,000 square feet was the largest office lease in the Princeton submarket for 2017. 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 sale of the Crossings at Jefferson Park from Vision Real Estate Partners and Rubenstein Partners to Barclay’s Capital marked the completion of a 525,000-square-foot office campus. The new owner, Barclay’s, will keep 3,000 jobs in New Jersey.

Mixed-use Deal of the Year finalists include:

Cushman & Wakefield site assemblage at Valley Health System, Paramus—C&W assembled a 20-acre site for Valley Health System’s $735 million hospital in Paramus. The arrangement involved the purchase of two sites comprising 500,000 square feet of office space and a car wash. An additional 200,000 square feet of office space was built as part of the transaction. Cushman & Wakefield, Valley Health System, Cole Schotz PC and Welsh Chester Galiney Matone Inc. were involved in the transaction.

New Brunswick Cultural Center redevelopment, New Brunswick—New Brunswick Development Corporation’s $171.8 million, 450,000-square-foot New Brunswick Cultural Center redevelopment represents a partnership of over 19 entities. The project involves several performance venues, 207 apartments, and office and garage space. 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.

Award winners will be honored at the 31 Annual Commercial Real Estate Awards Gala on May 10 at the Palace in Somerset.

Jon Hanson of The Hampshire Cos., Michael DeMarco of Mack-Cali, Jeff Milanaik of Bridge Development Partners, Stan Danzig of Cushman & Wakefield and Woodbridge Mayor Jon McCormac are also set to be honored by the chapter at the gala.

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Mario Marroquin

Mario Marroquin

Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

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