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Hartz Buys $36M Distribution Center

ABERDEEN, MD-At almost $60 per sf, the purchase price was a premium for industrial property in this Maryland submarket.

By Erika Morphy | Updated on August 01, 2006

ABERDEEN, MD-Hartz Mountain Industries, which manages one of the largest privately held commercial real estate portfolios in the US, has expanded outside of its New Jersey stronghold and invested in the DC-area market for the first time with a $36 million acquisition of a 634,000 sf, Class A distribution center located at 913 Old Philadelphia Road in Aberdeen, Md. It bought the facility, which is fully leased and solely occupied by Pier 1 Imports, from BlackRock Realty Inc.

According to Gus Milano, executive vice president at Hartz, the company is looking to acquire additional assets in this market, although nothing specific is pending. “We think that in the long term this market will be a strong industrial base,” he tells GlobeSt.com.

Secaucus, NJ-based Hartz Mountain developed most of the 200-property, 38 million sf portfolio it owns and manages. “Even though it’s not in New Jersey and even though we didn’t build it, 913 Old Philadelphia Road looks like a lot of the property in our portfolio; a premier location and an excellent property with a respected tenant,” says Emanuel Stern, President and COO of Hartz Mountain Industries.

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