In one of commercial real estate’s coveted events, NAIOP New Jersey held its 35th annual gala Thursday night at the Palace of Somerset Park in Somerset.
Eugene Preston, who recently retired from Dermody Properties, received the Charles
Klatskin Lifetime Achievement Award, which honors a person who has had a
distinguished record of service to the industry and the community. Preston, former president of NAIOP New Jersey, has developed and acquired over 28 million square feet of industrial and logistics space representing approximately $2 billion in invested capital.
In addition to celebrating the accomplishments of key CRE professionals and
organizations, NAIOP New Jersey recognizes the state’s most impactful real
real estate transactions.
Industrial Business of the Year Award: Target at Logan North;
The team of Greek Development, Advance Realty Investors and CBRE has successfully leased a 1.7 million square foot omnichannel flow center from Target Corp. to Logan. Following the deal, the asset traded for a record $265 million when Torchlight Investors of New York purchased the newly developed building in September 2021. Greek Development, Advance Realty Investors and CBRE were involved in the agreement.
Office Business of the Year Award: Party City Headquarters Operating Lease, Woodcliff Lake.
As the first-ever recipient of the NJEDA Emerge program, Party City Holdings Inc. obtained a tax credit of $9.996 million over 7 years for its Class A corporate office lease of SF 208,911 at 100 Tice Blvd. in Woodcliff Lake, New Jersey. The move consolidates two Party City offices into a newly designed creative workplace for over 800 current/future employees. Involved in the deal: Party City, Cushman & Wakefield, Savills Studley, CBRE, Inc. and Gensler.
Mixed Use Business of the Year Award: HalRay Newark Portfolio, Newark.
The HalRay Newark Portfolio is a three-building portfolio totaling approximately 800,000 square feet of office/retail space with a 901-space parking deck. Sponsors have planned approximately $40 million in capital improvements with an emphasis on social and economic impact in mind. The goal is to stimulate activity along the Halsey Corridor with the eventual goal of spreading this activity throughout the city. Involved in the operation: Hanini Group, Shift Capital, Investment Partners Murphy Schiller & Wilkes LLP and JLL Capital Markets.
Other awards include:
Caren S. Franzini Public Partner Award: Mayor of the Town of Linden, Derek Armstead
Industry Service Award: Anthony Coscia, Partner at Windels Marx Lane & Mittendorf
The Impact Award: David Gockel, President and CEO of Langan Engineering & Environmental Services, Inc.
The Impact Award: Onyx Equities LLC, with John Saraceno and Jonathan Schultz, co-founders and managing directors, accepting for the company.
The judges also awarded a “Transformation Award” to the RCINJ Jack & Sheryl Morris Cancer Center.