Secaucus, NJ 24, February 2015 – CBRE Group, Inc. announced today that Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca, of CBRE Institutional Properties, combined with David Opper of CBRE’s Saddle Brook office to represent Hartz Mountain Industries, Inc. (“Hartz”) in the sale of 400 Plaza Drive in Secaucus, New Jersey (the “Property”) for $30 million. The team was also responsible for procuring the buyer, Extended Success. This follows on the sale of 500 Plaza Drive for $69 million in 2014 and the sale of 100 and 200 Plaza Drive in 2013.
400 Plaza Drive is a 258,000-square-foot four-story office building located in the iconic mixed-use Harmon Meadow complex at the crossroads of Route 3 and the New Jersey Turnpike. Situated just 4 miles from Manhattan, Harmon Meadow offers a vibrant setting with mass transportation, new multi-family housing and over 4.4 million square feet of dining and shopping options, including a newly developed LA Fitness Club and a 14-screen movie theater, all within immediate walking distance of the Property.
The Property benefits from stable, contractual income due to recent long-term lease extensions with its three major tenants. The 9 year weighted average lease term of these major tenants combined with the Property’s diversified rent roll and in-place tenancy’s commitment to the Property strongly positions 400 Plaza for the execution of a value-add strategy.
Mr. Dunne commented: “The investment provides an exceptional purchase opportunity to strategically rebrand the Property and capitalize on the growing demand for live/work/play environments. As young professionals continue to enter the workforce, companies are increasingly placing more value on work environments that contain a mixed-use element which has become integral in both attracting and retaining talented employees. This trend enhances the opportunity for Extended Success to successfully execute a value-add strategy.”
CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. CBRE Institutional Properties 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.
CBRE Institutional Properties has a number of attractive investment opportunities currently on the market including: 131 Morristown Road a 212,000-square-foot office building in Basking Ridge, New Jersey which is 100% leased; 225 Brae Boulevard, a 222,000-square-foot office property formerly the Hertz World HQ in Park Ridge, New Jersey; One Sony Drive a 220,000-square-foot office building in Park Ridge, New Jersey; and 185 & 201 Tabor Road, a 66-acre office campus with redevelopment potential in Morris Plains, New Jersey.
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 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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.