SECAUCUS, NJ-A Virginia company has purchased the Harmon Meadow building in The Meadowlands here that is occupied by NBA Entertainment and Scholastic Corp., paying $47 million.
Harbor Group International made the announcement that that it acquired 100 Plaza Drive from Hartz Mountain Industries. The 265,000-square-foot, four-story building was built in 1981, and was recently renovated.
“100 Plaza Drive is a premier property leased primarily to two highly creditworthy tenants on long term leases,” said Jordan E. Slone, HGI's chairman & CEO. He called it a “perfect fit” for the company's office portfolio.
According to HGI, the National Basketball Association real estate arm has invested $43 million in the building and its infrastructure.
Hartz Mountain is currently in the midst of redevelopment at Harmon Meadow; a Red Robin restaurant opened this week at a new building constructed at the site of the NBA's previous office at the complex, which was demolished last year.
Harmon Meadow encompasses 4.4 million square feet of development, including restaurants, parking, hotels and retail – all within walking distance of the HGI property. The complex off Route 3 is four miles from the Lincoln Tunnel.
The recent renovations to 100 Plaza Drive included a new façade, roof, HVAC systems, interior atrium and entryways. The property is currently 90% leased, including the long-term leases to the NBA and Scholastic.
There are 105 below-grade parking spaces for tenant use as well as access to the 1,250-space surface lot, and 483-space parking deck adjacent to the property.
HGI, headquartered in Norfolk, controls a global portfolio of assets valued at more than $3.8 billion. The company's real estate holdings include more than 8.5 million square feet of commercial properties and 24,500 apartment units.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
