NAIOP New Jersey Announces Deal of the Year Finalists
Winners to be Revealed at Twenty-ninth Annual Commercial Real Estate Awards Gala On May 12
New Jersey, February 26, 2016 (Newswire.com) - NAIOP New Jersey, 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, will be revealed at the Twenty-ninth Annual Commercial Real Estate Awards Gala on Thursday, May 12, 2016 at The Palace at Somerset Park.
The Industrial Deal of the Year finalists are:
Elizabeth Logistics Center, Elizabeth: The redevelopment of the Elizabeth Logistics Center, comprised of 17.5 acres acquired through land acquisition, the formation of a joint-venture, and the vacating of a city street is the culmination of a complex project that will generate immediate and positive economic impact at a location that had been vacant for almost a decade. Involved in the deal are Elberon Development Group, The Avidan Group, RC Andersen, RKB Architect, Langan Engineering and Environmental Services, HFF, JLL, Greenbaum Rowe Smith & Davis LLP, McManimon Scotland & Baumann, Seafrigo, Pilot Freight Services, First Bank, The Provident Bank, NAI Hanson, and Hehl & Hehl.
50 Bryla/Serta Simmons Bedding, Carteret: The successful leasing of a 460,000-square-foot manufacturing facility to Serta Simmons Bedding, using economic incentives to bring a major manufacturing and distribution center back to Carteret, NJ, along with 250 new jobs. The leasing project followed the repositioning of a 33-acre site requiring wetlands mitigation, and groundwater and soil remediation. Involved in the deal are JLL, The Hampshire Companies and CBRE.
The Office Deal of the Year finalists are:
Zoetis Headquarters Lease, Parsippany: In mid-2015, Animal Health Company Zoetis leased 10 Sylvan Way, a 125,000-square-foot Parsippany office building owned by a joint venture of Normandy Real Estate Partners, MRY Associates LLC and Partners Group. Orchestrated by Cushman & Wakefield, this highly significant transaction launched the property’s redevelopment into a sustainable Class A asset. Involved in the deal are Normandy Real Estate Partners, MRY Associates LLC, Partners Group and Cushman & Wakefield.
Subaru America Headquarters Relocation to Camden: Fox Rothschild represented Subaru in relocating its North American headquarters to Camden, purchasing land next to Campbell's Soup Corp., breaking ground on a $78 million, 250,000-square-foot office building and leasing an adjacent newly constructed 83,000-square-foot training center, bringing 700 jobs to Camden and securing $118 million in tax incentives. Involved in the deal are Fox Rothschild LLP, Subaru of America Inc., Brandywine Realty Trust, and CBRE Group, Inc.
The Mixed-Use Deal of the Year finalists are:
Memorial Sloan Kettering Cancer Center, Montvale: Memorial Sloan Kettering purchased a 145,000-square-foot office building in Montvale, NJ, to build a $100 million+ regional outpatient facility by mid-2017. The building was fully leased, and the deal required the simultaneous negotiation of a lease termination with the existing tenant and purchase contract with Chamber Street Capital. Involved in the deal are: Newmark Grubb Knight Frank and Chamber Street Properties.
Nestlé Health Science Center Lease, Bridgewater: By acquiring and repurposing the former Sanofi campus into the New Jersey Center of Excellence, Advance Realty filled a massive void left in the state and region. The master-planned redevelopment was designed to recover lost jobs and revenue. Nestlé Health Science’s 180,000 square-foot lease at the massive campus validates Advance’s vision. Involved in the deal are: Advance Realty, Cross Harbor Capital Partners, JLL and Newmark Grubb Knight Frank.
The Gala will honor the recipients of the 2016 Commercial Real Estate Awards. Donald Witmondt, Chairman of Woodmont Properties, will receive the Lifetime Achievement Award. The Impact Awards will be presented to Robert J. Rudin of Cushman & Wakefield, and Brandywine Realty Trust. The Industry Service Award will be presented to Rotwein+Blake.
“This is a stellar group of honorees and commercial real estate deals, and we're looking forward to celebrating their achievements at the Gala on May 12,” said NAIOP New Jersey President Clark Machemer of The Rockefeller Group.
The Gala is chaired by Dave Gibbons, Elberon Development Group; Seena Stein, Newmark Grubb Knight Frank; and Ed Walsh, Avison Young. For Gala details and ticket purchase information, please visit www.naiopnj.org/Gala29.