Secaucus, NJ – Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE’s New York Institutional Group represented Hartz Mountain Industries, Inc. (“Hartz”), on the sale of 100 Plaza Drive in Secaucus, NJ (the “Property”) for $47 million. The team was also responsible for procuring the buyer, Harbor Group International.
100 Plaza Drive is a 264,973± office building that was developed by Hartz in 1981 and substantially renovated in 2008-2011 to create a modern generation work environment. The Property is currently 90% leased and anchored by a globally recognized tenant base including NBA Entertainment and Scholastic. The NBA and Scholastic both maintain their world headquarters in Manhattan and strategically chose 100 Plaza Drive because of its lower occupancy costs, connectivity to Manhattan via public transportation and access to a deep amenity base.
The Property was recently renovated including a new facade, roof and HVAC with upgraded 4-story atrium and entryways along with a newly constructed adjacent parking deck. The Property benefits from its location within Harmon Meadow, a thriving 4.4 million SF mixed-use , with access to numerous restaurants (17), hotels (8), more than 1 million SF of national and big box retail, and the newly developed LA Fitness club and a 14-screen movie theater which provides an attractive mixed-use work environment for employees and visitors.
This sale follows the recent disposition of 200 Plaza Drive to Gaia Real Estate for $56 million, where the team also represented Hartz earlier this year.
“The 100 Plaza Drive acquisition provides Harbor Group International with a well located, recently renovated office building with excellent access to Midtown and an unmatched amenity base,” said Mr. Dunne. “Harbor Group International was attracted to the Property’s strong credit tenancy and minimal near term rollover, and should fare well with the investment.”
The CBRE New York Institutional Group (the “Group”) specializes in the sale of investment properties in the suburban markets surrounding New York City as well as select regional markets throughout the country. The Group services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last five years.
The New York Institutional Group has a number of attractive investment opportunities currently on the market including: 500 Plaza Drive, a 455,732 SF office property at Harmon Meadow in Secaucus, NJ; Morris Corporate Center 1 & 2, a 530,000 SF office park located in Parsippany, NJ; 21 Fadem Drive, a 122,677 SF multi-tenant industrial building in Springfield, NJ; Stop & Shop Plaza, and an 84,000 SF Stop & Shop anchored center in Piscataway, NJ.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Harbor Group International, LLC
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $3.8 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company’s real estate holdings include more than 8.5 million square feet of commercial properties and in excess of 24,500 apartment units. For additional information, please visit www.harborgroupint.com.