(Editor's Note: This story was updated at 4 p.m. Aug. 18 with additional details about CBRE Group Inc. arranging financing.)
Hartz Mountain Industries has sold another Secaucus office building in a $69 million deal that attracted a joint venture led by a Boston-based investment firm, brokers said Monday.
The 450,000-square-foot property, 500 Plaza Drive, was acquired by Marcus Partners and Prudential Real Estate Investors, according to a news release from CBRE. The venture said it now plans to invest $15 million to upgrade the four-story property, with improvements including a rebranding program, new common amenities and the construction of a new 250-space parking structure.
CBRE represented Hartz in the sale of the property, which sits in the developer’s 4 million-square-foot, mixed-used Harmon Meadow complex. CBRE brokers Geoff Schubert, Brian Godau and Todd Ward will oversee all leasing and marketing efforts on behalf of the new ownership, the news release said.
The building is currently home to the headquarters of The Children’s Place, the clothing retailer, and AXA Financial.
The sale is the latest move in Hartz’s long-running effort to prune its vast commercial portfolio and expand into the multifamily sector. The Secaucus-based developer last year sold two nearby properties, 100 and 200 Plaza Drive, for a total of more than $100 million.
Commercial real estate brokerage firm CBRE Group Inc. completed a $57.6 million acquisition-bridge financing deal for the transaction. The CBRE team of James Gunning, Donna Falzarano and Evan Kleppe arranged the floating-rate loan with a national bank.
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