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.