Hartz Mountain to Build Warehouse/Datacenter on Remaining Portion of Panasonic Site in Secaucus

On Nov 6, 2014

Hartz Mountain Industries is moving forward with the design and entitlements of a 303,000-square-foot warehouse and/or datacenter at 46 Meadowland Parkway, the remaining undeveloped portion of the former Panasonic site that was razed earlier this year. This new building will be state of the art and will be built to accommodate the needs of any user.

The site is within Harmon Cove Industrial Park, the number one industrial location in the Meadowland’s Region/North Jersey where Hartz owns more than 12 million square feet of industrial space plus some retail and flex space.

“The hottest segments of the real estate market are warehouses and data storage facilities, and the best location for both of them is in Secaucus,” says Emanuel Stern, President and COO of Hartz Mountain Industries.  “The Harmon Cove industrial vacancy rate is less than 3%, and we are confident that 46 Meadowland Parkway will lease prior to completion especially due to its prime location, and the fact that New Jersey continues to draw datacenter facilities, e-commerce, food distribution and third party logistic firms.”

Hartz is  moving forward with this building in response to clear market drivers which include the State of New Jersey’s current incentive programs, limited available Class A stock and low supply of “Big Box” space.  In addition, the building’s immediate access to the NJ Turnpike North/South, Route 3 East/West and close proximity to the ports and New York City were key factors in the decision to move forward.  The widening of the Panama Canal – allowing for massive container ships which is on track to be completed by late next year, and the fact that Port Authority of New York and New Jersey is raising the clearance height of the Bayonne Bridge roughly in the same timeframe, made the company’s decision even easier.

“It will be a state of the art warehouse within minutes of New York city and perfect for companies looking to expand their e-commerce platform because they can store and ship their goods in an ideal location that allows them to easily meet their customers’ same-day delivery needs,” Mr. Stern continues.  “Datacenter operators needing a large amount of space will also find it appealing due to its proximity to NYC.”

Hartz anticipates it will be finished with the design and entitlements in January 2015 and plans to start construction then with a completion date in fall 2015.   The warehouse will be built with a 36’ clear ceiling height, 500 pounds per square foot floor load, 60’ x 55’ column spacing, 55 – 9’ by 10’ overhead doors with 35,000 pound pit levelers, ESFR sprinkler system, fluorescent T-5 lighting, 44 truck parking spaces, 460 car spaces, 15,000 square foot of office space, ample electrical capacity and many other features.

“This is a pinnacle moment in Hartz history; just as my father constructed the original buildings that Panasonic occupied for 40 years, I am now repositioning the site and building this high profile facility so that any tenant that occupies can remain here for years to come,” says Mr. Stern.

With the State of New Jersey’s new economic programs, the tenants that move to 46 Meadowland Parkway may be eligible to receive tax credits through the Grow NJ Tax Credit Program and receive other outstanding economic benefits.     If a tenant qualifies for these programs, their starting effective rent could potentially be under $3.00 PSF NNN.

As recently announced, Ferguson Plumbing will be the first tenant to occupy 450,000 SF of the 650,000 SF  newly renovated warehouse at 50 Meadowland Parkway.    Ferguson will be opening its facility in first quarter of 2015.  Hartz is currently in discussion with several warehouse users for the remaining 220,000 SF at 50 Meadowland Parkway.

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