Congratulations to the Deal of the Year Finalists!
To join the celebration of these outstanding deal makers and find out who wins, click here for details of the 34th Annual Commercial Real Estate Awards Gala, October 7, The Palace at Somerset Park.
Industrial Deal of the Year Finalists
FreezPak Logistics Center (Elizabeth/Newark)
The redevelopment project is a 75-foot high freezer warehouse on a site located in two different urban municipalities (the cities of Elizabeth and Newark), owned by a partnership between Elberon Development Group and The Fidelco Group. Numerous complexities include the formation of two different joint ventures, government approvals from two different municipalities, a PILOT agreement, environmental remediation, a subsequent application for additional trailer parking, the incorporation of solar panels, and myriad construction complications compounded by circumstances of the pandemic.
Involved in the Deal: Elberon Development Group; The Fidelco Group; FreezPak; JLL; Langan Engineering and Environmental Services; Ware Malcomb; Chiesa Shahinian & Giantomasi PC; Orloff, Lowenbach, Stifelman & Siegel, P.A.; and Preferred Industrial Properties.
Lincoln Logistics Bayonne – UPS Lease (Bayonne)
Lincoln Equities Group announced an 886,256-square-foot lease signing from UPS, for a regional hub and package distribution center in Bayonne, N.J. UPS becomes the anchor tenant at the new industrial park, set on a 152.9-acre site just 8 miles from Manhattan's Holland Tunnel.
Involved in the Deal: Lincoln Equities Group, Cushman & Wakefield, Blau & Berg, Langan Engineering & Environmental Services, and Fox Rothschild.
Piscataway Logistics Center (Piscataway)
Transwestern and Quad Real Property Group acquired the 330 S. Randolphville Road development site in fall 2020, which included an existing building on the site. While redeveloping the site in spring 2021, General Plumbing Supply was secured with a new 298,253-square-foot lease for both buildings. Avison Young arranged both the sale and lease. Just months after construction started, General Plumbing Supply (GPS) signed a long-term +/- 300,000-square-foot new lease to occupy both buildings. The new development, now known as the Piscataway Logistics Center, is having a positive economic impact which includes 150 new jobs to the area as the new GPS headquarters, over 200 construction workers employed for the project and the estimated market value of the buildings is now $90 million. The Piscataway Logistics Center is a model for what is needed to be successful in today's industrial landscape as well as a validation of the team’s creative vision and execution.
Involved in the Deal: Transwestern Development Company; Avison Young; ARCO Design-Build Contractors; Dynamic Engineering; Bob Smith & Associates; General Plumbing Supply; and, Blau and Berg.
Redevelopment of the Shoppes at Hamilton (Hamilton)
Cushman & Wakefield represented Stoltz Real Estate Partners in the sale of the 125,039 sf Shoppes at Hamilton to Metrix and Penwood. C&W’s industrial leasing team subsequently negotiated a long-term lease with Amazon. This represents one of the first retail repositioning/redevelopments of a mall to alternative use in New Jersey.
Involved in the Deal: Cushman & Wakefield; Metrix Real Estate Services, LLC; and Penwood Real Estate Investment Management.
Office Deal of the Year Finalists
Eisai Inc. HQ Lease at Prism’s ON3 (Nutley)
Eisai Inc.’s lease of 200 Metro Boulevard, the flagship LEED Gold office tower at Prism Capital Partners’ ON3, marked New Jersey’s largest 2020 office lease. The blockbuster transaction – executed during a global pandemic – brought the multi-use campus’s 1.45 million square feet of existing office and R&D/lab product to 100% occupancy.
Involved in the Deal: Prism Capital Partners; Eisai Inc.; Savills; and Cushman & Wakefield.
LEG, H.I.G. Purchase 1.2 M-SF BMS Campus in Central Jersey (Hopewell)
In June 2020, Lincoln Equities Group and H.I.G. Realty Partners announced the acquisition of a 1.2 million-square-foot life sciences campus formerly owned by global biopharmaceutical company Bristol Myers Squibb. The secure, 433-acre multipurpose research and development and biologic/pharmaceutical manufacturing campus expands New Jersey's essential pharma cluster.
Involved in the Deal: Lincoln Equities and JLL.
Park Avenue at Morris County (Florham Park)
In the largest New Jersey suburban, multi-tenant office sale since 2008, a CBRE team led by Jeff Dunne and Jeremy Neuer arranged the sale of Park Avenue at Morris County, a complex consisting of six Class A office buildings totaling 1,189,484± sq. ft. in Florham Park, NJ for $311 million.
Involved in the Deal: CBRE; KBS Realty Advisors; and Opal Holdings.