HANOVER, NJ–Colliers International has orchestrated the sale of a Hanover industrial property developed by Hartz Mountain Industries to El Segundo, CA-based Griffin Capital for $13 million. The 114,265-square foot facility at 110 Algonquin Parkway in Hanover is leased to General Electric Aviation Systems through 2018.
Colliers represented Hartz and also procured the buyer. Griffin Capital is a publicly traded REIT with a 2.7 million-square-foot portfolio of net lease properties that currently includes 10 office and industrial distribution facilities. It paid $114 per square foot for the Hanover property.
“Both buyer and seller must be commended for their hard work in closing this sale, which included a protracted loan assumption,” said Jeffery Oram an executive managing director of Colliers’ Investment Services Group who handled the transaction in partnership with Jonathan Ortiz an associate director with Colliers International.
“Hartz Mountain did a great job securing General Electric as the tenant and Griffin Capital will enjoy long term stable cash flow for many years from this high quality asset,” Oram said in a release announcing the sale.
“Hartz is always a reluctant seller – especially of a great asset with a solid tenant,” said Emanuel Stern, president of Hartz Mountain. “Colliers brought us an opportunity that lets Griffin enjoy the income stream and we can reallocate the capital to something more entrepreneurial.”
Hartz has plans to partner with Roseland Property to build a $450 million, 1,000-unit residential complex on the Jersey City waterfront in Jersey City, it recently announced. The project at 99 Hudson St. would also include retail space.
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