Hartz Mountain Industries, Inc. announced this week that it had sold 100 Plaza Drive in Secaucus, New Jersey for $47 million to Virginia-based Harbor Group International. CBRE's New York Institutional Group represented Hartz in the transaction and arranged the sale, which follows the June purchase of 200 Plaza Drive in Harmon Meadow by Gaia Real Estate for $56 million, according to a NorthJersey.com report.
"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 Jeffrey Dunne of CBRE. "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 property is located within the Harmon Meadow complex, a 4.4 million square foot mixed-use development, which includes numerous tenant amenities such as restaurants, parking, hotels and retail – all within walking distance of the property. Developed by Hartz in 1981, the 265,000-square-foot building at 100 Plaza Drive is primarily occupied by NBA Entertainment and Scholastic Corp., the company said in a news release. Hartz renovated 100 Plaza Drive between 2008 and 2011, with improvements including a new facade, roof and air-conditioning-heating system, an upgraded four-story atrium and entryways along with a newly constructed adjacent parking deck.
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