CBRE Group, Inc. announced today that Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca, of CBRE Capital Markets’ Institutional Properties, represented Hartz Mountain Industries, Inc. (“Hartz”) in the sale of 500 Plaza Drive in Secaucus, for $69 million. The team was also responsible for procuring the buyer, a venture between Marcus Partners and an institutional partner. CBRE is currently representing Hartz in the sale of neighboring 400 Plaza Drive and also represented Hartz in the sale of both 100 and 200 Plaza Drive.
500 Plaza Drive is a ±455,000-square-foot Class A office tower with panoramic views of Manhattan, conveniently located four miles away and easily accessible via public transportation from the Property. The Property is currently leased to three investment grade tenants and is anchored by the global headquarters of The Children’s Place.
The Property benefits from its Harmon Meadow location at the crossroads of Route 3 and the New Jersey Turnpike. Harmon Meadow offers a thriving 4.4 million-sq.-ft. mixed-use development with numerous restaurants and hotels, more than 1 million sq. ft. of national and big box retail, a newly developed LA Fitness Club and a 14-screen movie theater, together providing an attractive amenity-rich work environment for employees and visitors.
“We are pleased to welcome Marcus Partners and their institutional partner to Harmon Meadow as it continues to evolve as New Jersey’s most vibrant office, retail and hospitality community under Hartz Mountain’s vision and long-term commitment,” said Emanuel Stern, COO and President for Hartz Mountain Industries. “As the primary property owner of Harmon Meadow, we are seeing record activity and performance at our hotels, convention center, retail and office assets here. More broadly, the Meadowlands real estate market is in its most exciting position in years, and as we continue to redevelop our properties the mix of traditional uses will be augmented by even more cutting edge residential, industrial and commercial development from Hartz and others.”
Mr. Dunne commented: “The 500 Plaza Drive acquisition provides the new owners with a good value-add investment with the opportunity to grow NOI through further lease up. The partnership plans significant capital investments to the lobby, building systems, amenities and common areas. The building’s vacancy will be the prime availability in the market offering a contiguous block of approximately 90,000 sq. ft. on the top floors featuring incredible views of Manhattan.”
CBRE Capital Markets’ Institutional Properties specializes in the sale of investment properties in the suburbanmarkets surrounding New York City, and also around the United States. Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has arranged more than $9 billion in property sales in all property types over the last five years.Related Articles: