Deals & Dealmakers: Selling Points – Hartz sells Secaucus building
By REW Staff
Real Estate Weekly – July 9, 2014
SECAUCUS, NJ
Rugby Realty Co. Inc. has acquired 300 Lighting Way, a Class A office building in Secaucus, NJ, from Hartz Mountain Industries. Financial terms were undisclosed.
The seven-story, 303,000 s/f property is near the intersection of the New Jersey Turnpike/I-95 and Route 3, between Mill Creek Mall and the Harmon Meadow mixed-use development.
The new owner plans improvements including a renovated lobby and the creation of a new fitness center, café and conference center. A new hvac system with heat pumps may also be installed in the building. “Many Manhattan companies are searching for a more affordable alternative to New York City for their back-of-office operations, and New Jersey is offering attractive incentives that will help to capture those jobs,” said Maurice Ades, Rugby Realty’s principal and managing director.
“We recognized 300 Lighting Way as one of the best options available to fill those requirements, and that’s a focus in our leasing program.”
Roughly half of the building, or 156,000 s/f on three contiguous floors, is available for lease.
The purchase marks Rugby Realty’s second office acquisition in New Jersey and is part of an ongoing effort to grow its portfolio in the New York region. In December 2013, it bought City View Corporate Center in Lyndhurst, NJ and it also owns an industrial site in nearby Teterboro, NJ.