Harbor Group International announced that affiliates of the company have acquired 100 Plaza Drive,Secaucus, NJ, a 265,000 s/f, four-story office building primarily occupied by NBA Entertainment and Scholastic Corporation from an affiliate Hartz Mountain at a purchase price of $47 million.
“100 Plaza Drive is a premier property leased primarily to two highly creditworthy tenants on long term leases,” said Jordan E. Slone, Chairman & CEO of HGI. “This well-located, amenity-filled property is a perfect fit for our portfolio of Class A office assets and an excellent opportunity to provide solid returns to our investors.”
Tenant commitment to the property is strong, as NBA Properties invested $43 million in base building and infrastructure to its space.
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. Additionally, the property is located four miles from Manhattan with multiple, easily-accessed transportation options.
100 Plaza Drive is a 265,000 square foot four-story office building constructed in 1981 and has been recently renovated with major capital improvements to the façade, roof, HVAC systems, interior atrium and entryways. The property is currently 90% leased and anchored by two major tenants, NBA Properties, Inc. d/b/a NBA Entertainment and Scholastic Corporation, with long term leases for 81% of the total square footage. The property includes 105 below grade parking spaces for tenant use as well as access to a 1,250-space surface lot, and 483-space parking deck adjacent to the property.
CBRE’s Jeffrey Dunne represented Hartz in the sale.