SECAUCUS, NJ—Extended Success, a New York-based family-owned investor, has acquired 400 Plaza Drive in Secaucus, NJ, from Hartz Mountain Industries, Inc., for $30 million.

CBRE Institutional Properties team of Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca, and David Opper of CBRE's Saddle Brook office represented Hartz Mountain in the deal, and also found the buyer.

The sale is the latest in Hartz Mountain's series of transactions divesting large office properties, including the sale of 500 Plaza Drive for $69 million in 2014 and the sales of 100 and 200 Plaza Drive in 2013. The company is reinvesting in other kinds of real estate, mostly multifamily.

“It sits around a bunch of retail and a hotel, it's a mixed use property for sure,” says Jeff Dunne in an exclusive interview with GlobeSt.com. “It's 70-something percent leased, they are confident they can lease the rest of the space.”

The building has two significant leases, with Hartz Mountain Industries, the seller, and Hartz Mountain Food Company,which is no longer related to Hartz Mountain Industries, Dunne says.

400 Plaza Drive is a 258,000-square-foot four-story office building located in the iconic mixed-use Harmon Meadow complex at the crossroads of Route 3 and the New Jersey Turnpike. Situated just four miles from Manhattan, Harmon Meadow offers a vibrant setting with mass transportation, new multi-family housing and more than 4.4 million sq. ft. of dining and shopping options, including a newly developed LA Fitness Club and a 14-screen movie theater, all within immediate walking distance of the property.

The property benefits from stable, contractual income due to recent long-term lease extensions with its three major tenants. The 9-year weighted average lease term of these major tenants combined with the property's diversified rent roll and in-place tenancy's commitment to the property strongly positions 400 Plaza for the execution of a value-add strategy.

“The investment provides an exceptional purchase opportunity to strategically rebrand the property and capitalize on the growing demand for live/work/play environments,” says Dunne. “As young professionals continue to enter the workforce, companies are increasingly placing more value on work environments that contain a mixed-use element, which has become integral in attracting and retaining talented employees. This trend enhances the opportunity for Extended Success to successfully execute a value-add strategy.”