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Hartz sells Secaucus property to Gaia in reported $56 million deal

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Hartz Mountain Industries and Gaia Real Estate Investments have come together again on the sale of a Hudson County office building, this time in Secaucus.

New York-based Gaia announced it had acquired the 250,000-square-foot building, 200 Plaza Drive, in conjunction with partners Phoenix Insurance and Menora Mivtachim Insurance, according to a news release. The property is fully leased to accounting firm Ernst & Young, which uses it as its regional headquarters and global training center.

The deal comes nearly two years after Hartz, which is based in Secaucus, sold its Jersey City office tower at 2 Journal Square to Gaia for $78 million. About four months earlier, Hartz also sold 70 and 90 Hudson St. in the city to CB Richard Ellis Realty Trust for what was a record price of $310 million.

The Secaucus building, in the sprawling Harmon Meadow complex, traded for $56 million, according to GlobeSt.com, which first reported the most recent deal. In a prepared statement, Gaia executives said the acquisition reflects its strategy to buy office buildings "in the first ring around" New York.

Brokers Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE's New York institutional group represented both companies in the deal. To date this year, New Jersey has recorded about 20 office sales of at least $4 million, totaling nearly $640 million and about 3.4 million square feet, according to data provided by CBRE.

Gaia's acquisition portfolio also includes several multifamily properties in New Jersey, including two in East Orange and one in Jackson.

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Joshua Burd

Joshua Burd

Josh Burd covers real estate, economic development and sports and entertainment. Before joining NJBIZ in 2011, he spent four years as a metro reporter in Central Jersey. His email is joshb@njbiz.com and he is @JoshBurdNJ on Twitter.

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