On May 16th, Russo Development was honored by the New Jersey Chapter of the National Association of Industrial and Office Properties (NJ-NAIOP) with its highly coveted Impact Award. The NJ-NAIOP Impact Award recognizes real estate developers that have had a significant impact on the New Jersey commercial and industrial real estate industry.
This prestigious award was presented at the 20th Annual Commercial Real estate Awards Gala, held at the New Jersey Performing Arts Center in Newark, New Jersey.
“NJ-NAIOP is truly honored to have someone of Ed Russo’s caliber on our Board of Directors; he is clearly an emerging leader. Ed and his firm, Russo Development, represent the best in the industry and we are proud to have them as one of this year’s Impact Award winners,” said Mike McGuinness, executive director, NJ-NAIOP.
Russo Development is one of New Jersey’s most active development companies. Known as a leading designer, builder, owner and manager of Class A office and industrial properties in Northern New Jersey, the company expanded into new markets this past year, including Morris and Passaic Counties. The company has a zero percent vacancy throughout its portfolio and has averaged less than two percent in the last five years.
In 2006, Russo completed a 135,398-square-foot build-to-suit lease with Pepsi Bottling Group, LLC. This facility will be one of Pepsi Bottling Group’s largest distribution facilities in North America, and will directly serve customers in the Northern New Jersey region. This facility is located within Russo Development’s Saw Mill Park in Kearny, New Jersey. Once a contaminated brownfield site that Russo fully remediated, Saw Mill Park is now home to prominent tenants such as Pepsi Bottling Group and H.D. Smith, the largest privately held, national full-service wholesale distributor of pharmaceuticals, over-the-counter and seasonal merchandise, who leased 211,000 square feet at this site.