NAIOP New Jersey President, Clark F. Machemer
317 George Street, Suite 220
New Brunswick, NJ 08901
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Release Date: Friday, February 27, 2015
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Winners to be Revealed at Twenty-eighth Annual Commercial Real Estate Awards Gala On May 14
NEW BRUNSWICK, N.J., Feb. 27, 2015 – NAIOP New Jersey, the commercial real estate development association, has announced the finalists for its highly coveted Deal of the Year Awards. Two winners, one each for Industrial Deal of the Year and Office Deal of the Year, will be revealed at the Twenty-eighth Annual Commercial Real Estate Awards Gala on Thursday, May 14, 2015 at The Palace at Somerset Park.
The finalists for Industrial Deal of the Year are:
- Long Island's Wenner Bread Moves Commercial Bakery to NJ (New Brunswick): Relocation to 301,626 square feet at 571 Jersey Avenue, New Brunswick, NJ. The move includes maximum state incentives of $30,000,000 over 10 years, ultimately securing 253 new jobs for NJ. Freight rail will be revived, aiming to eliminate 600 trucks annually off NJ highways. Involved in the deal: Wenner Bread Products , Lee & Associates, Sills Cummis & Gross, Cushman & Wakefield, Avison Young, Friedlander Misler, PLLC, and The Dennis Group, LLC.
- 275 Omar Avenue (Woodbridge): A speculative redevelopment of a former antiquated grocery distribution center to a modern class A temperature-controlled facility totaling 391,650 square feet. Located at exit 12 in Woodbridge, NJ, the building is currently occupied by Amazon who signed a long-term lease during the redevelopment. Involved in the deal: KTR, CBRE, Ford Architects, RC Andersen, Woodbridge Township, Property Solutions, Wolff & Samson, and Langan Engineering and Environmental Services.
- Hudson News Headquarters Sale and Relocation (North Bergen and Parsippany): In joint, critically timed transactions orchestrated by Cushman & Wakefield, Hudson News Distributors sold its 475,000-square-foot office/industrial headquarters in North Bergen to Bergen Logistics. Simultaneously, the media giant leased and relocated to a 135,000-square-foot former Coca-Cola distribution facility in Parsippany. Both properties have been modernized and repurposed for next-generation use. Involved in the deal: Cushman & Wakefield, Hudson News, Bergen Logistics andNAI James E. Hanson.
The finalists for Office Deal of the Year are:
- Sandoz US Headquarters Relocation (Plainsboro): After sitting vacant for years, 100 College Road West today houses Sandoz Inc.'s U.S. headquarters, providing a stellar example of New Jersey's existing office inventory being repositioned for next-generation requirements. Cushman & Wakefield coordinated both the building's lease (simultaneous to its purchase by Ivy Equities) and subsequent trade to ARC. Involved in the deal: Cushman & Wakefield, Ivy Equities, American Realty Capital, Sandoz Inc., and Princeton University/Picus Associates.
- Transitioning of Maersk's North American Headquarters (Madison): Through collaboration between multiple CBRE teams, the firm was able to secure an investment grade tenant to fully lease Maersk's former North American headquarters at 2 Giralda Farms in Madison, NJ. CBRE was able to utilize the competitive terms of the lease to complete the disposition of the property for Maersk at a maximized sale price. Involved in the deal: CBRE, Maersk, Merck Animal Health HQ, and American Realty Capital & Global Trust Inc.
- Repositioning of Park Avenue at Morris County (Florham Park): A countercyclical example of what can be accomplished through innovation and collaboration: +400,000 square feet of cascading leases with blue chip tenants successfully completed in a challenging suburban office environment.Avison Young, KBS Realty and CBRE property management worked together to reposition Park Avenue at Morris County, resulting in the retention of a major tenant. Involved in the deal: Avison Young, KBS Realty and CBRE.
The Gala will honor the recipients of the 2015 Commercial Real Estate Awards. Finn Wentworth, of Normandy Real Estate Partners, will receive the Lifetime Achievement Award. The Impact Award will be presented to Constantino T. Milano of Hartz Mountain Industries, Inc. The Industry Service Awards will be presented to Geoffrey Schubert of CBRE and Robert R. Martie of Colliers International. "This is an outstanding group of honorees and commercial real estate deals, and we're looking forward to celebrating their achievements at the Gala on May 14," said NAIOP New Jersey President Clark Machemer of The Rockefeller Group.
The 28th Annual Gala is chaired by Dave Gibbons, Elberon Development Group; Jonathan Meisel, Jones Lang LaSalle; and Ed Walsh, Avison Young. For tickets, commemorative journal and sponsorship information, please visit http://naiopnj.org/gala28 or contact Bonnie Sovinee at 732-729-9900.