SECAUCUS, NJ—A retail shopping center at 55 Hartz Way, located on the corner of Secaucus Road and Hartz Way, in Secaucus, NJ, was sold in a transaction valued at $11.5 million.
The two-story property contains approximately 74,000 square feet and sits on a 5.8-acre lot. The center consists of nine commercial units of office and retail space. Recent tenants include Escada, Nine West, Kasper, Fragantics and Design Within Reach Outlet. The building features solar panel roofing and has plans in progress to utilize geo-heating systems. The sale price equates to approximately $155 per square foot.
The property is situated within Secaucus Outlet Center, close to prominent retail outlets such as Gucci, Calvin Klein, Nautica, Kenneth Cole, The Children's Place and Tommy Hilfiger, drawing substantial foot and vehicle traffic. The property is also conveniently accessible via the Meadowlands Parkway and New Jersey Transit.
Cushman & Wakefield's Dmitry Shaplyka and Fahri Ozturk exclusively represented the seller in this transaction. David Cantor of Team Resources represented the buyer. Neither buyer nor seller was identified.
"This property is a unique asset – a large outlet center with easy access to New York City and nearby airports along with high-end retail tenants," says Shaplyka. "To the satisfaction of our client, we were able to maximize the value of this property to its fullest potential by securing the best-suited buyer with owner-user requirements."
The buyer will receive Grow NJ tax credits for bringing additional jobs to the Garden State, says Ozturk.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
