100 Plaza Drive in Secaucus — Courtesy: CBRE
By Joshua Burd
A private investor has paid $62 million to acquire 100 Plaza Drive in Secaucus, making it the latest property to change hands in the town’s signature Harmon Meadow complex.
CBRE Group Inc., which announced the deal, said it represented Harbor Group International in the sale of the 264,973-square-foot, four-story building. The buyer is Howard Hershkovich of Brooklyn, who purchased the fully leased property as part of a 1031 exchange.
Jeffrey Dunne, Kevin Welsh, and Brian Schulz of CBRE Institutional Properties handled the assignment for the seller. It is the seventh office or retail transaction in Harmon Meadow over the last three years, Dunne said, totaling more than $350 million of capital investment in the complex by major institutional investors.
“The significant interest in Harmon Meadow demonstrates the continued demand for high quality, mixed-use environments with access to mass transit and proximity to major metropolitan areas, as this has become integral in both attracting and retaining talented employees,” Dunne said in a prepared statement.
CBRE said the building’s tenant roster includes anchor tenants such as NBA Entertainment and Scholastic, with stable cash flow with long-term leases and significant tenant investment. That includes a more than $30 million expenditure by NBA Entertainment for a state-of-the-art production space.
The building sits within the sprawling complex at the crossroads of Route 3 and the New Jersey Turnpike. Tenants have access to the overall 4.4 million-square-foot development, which includes more than 20 restaurants, eight hotels and more than 1 million square feet of retail, and multifamily under construction.
The deal follows CBRE’s sales of 400 Plaza Drive in 2015, 500 Plaza Drive in 2014 and 100 and 200 Plaza Drive in 2013, CBRE said in a news release.
