Commercial real estate deal of the year winners, honorees recognized at annual NAIOP gala

The Garden State’s commercial real estate community honored the achievements of leading professionals and celebrated the year’s most impactful transactions as NAIOP New Jersey hosted its 39th Annual Commercial Real Estate Awards Gala.

The sold-out event took place at The Palace at Somerset Park on May 14.

“The Gala is NAIOP’s flagship fundraiser every year, with all proceeds going back into the organization and its mission to elevate the state’s commercial real estate industry by providing advocacy, education, research and connections,” NAIOP NJ CEO Dan Kennedy said.

NAIOP NJ’s Charles Klatskin Lifetime Achievement Award was presented to Edwin H. Cohen, principal, Prism Capital Partners LLC, in recognition of his service to the industry and the community. Dana Nalbantian, principal, Gensler, received the Industry Service Award in recognition of her contributions in support of the industry’s goals.

Clark Machemer, senior managing director, Crow Holdings Development and Robert C. Kossar, vice chairman, JLL’s Northeast Industrial Region, received the Impact Award, which honors trendsetting individuals and firms that have impacted New Jersey’s commercial and industrial real estate development industry. Brad J. Cohen, mayor of East Brunswick, and Lawrence F. Jacobs, mayor of Bedminster, both accepted the Caren S. Franzini Public Partner Award, which recognizes champions of economic development who inspire and transform communities.

The evening included the unveiling of NAIOP New Jersey’s deal of the year awards. Winners were chosen by a panel of judges based on impact on the community and marketplace, degree of complexity and/or uniqueness, innovative strategies and creative problem solving.

The office deal of the year went to Freshpet Global Headquarters, Bedminster.

This 32,000-square-foot build-to-suit workplace was developed by Advance Realty Investors for Freshpet, the Nasdaq-listed leader in refrigerated pet food. Advance Realty Investors, Iron Hill Construction Management and Studio 1200 were involved in the deal.

The mixed-use deal of the year was awarded to Bell Works Fort Monmouth, Tinton Falls. Inspired by Somerset Development acquired the Commvault headquarters in New Jersey to transform it into Bell Works Fort Monmouth, its third location under Ralph Zucker’s Metroburb model. Inspired by Somerset Development, H.I.G. Realty Partners, NAI James E. Hanson, JLL Capital Markets, EquityMultiple and Antenna Group participated in the deal.

The industrial deal of the year was Millstone 8 Logistics Park, Millstone. Millstone 8 is a 1.2 million-square-foot industrial project in the Exit 8/8A submarket developed by Crow Holdings Development and 2020 Acquisitions. Involved in the deal was JLL.

The emerging markets deal of the year was  1888 Studios, Bayonne. 1888 Studios will be the largest film studio in the Northeast – a 58-acre film studio campus located on a 74-acre vacant brownfield site. Involved in the deal: Togus Urban Renewal LLC, Sills Cummis & Gross P.C., Gensler/Turner Construction, Pizzutillo Public Affairs LLC, U.S. Title Solutions, LLC, Bayonne City Municipality, NJEDA, Biggins Lacy Shapiro & Company, LLC, Benecke Economics, Langan, PS&S/SESI Consulting Engineers and Elysian Consulting LLC.

The transformative deal of the year was Sanofi Flagship at M Station West, Morristown.

SJP Properties and Scotto Properties secured a lease with Sanofi to relocate its New Jersey headquarters to a flagship development at M Station West in Morristown. Involved in the deal were SJP Properties, Sanofi, Scotto Properties, Cushman & Wakefield and CBRE.