Mid Atlantic Real Estate Journal — New Jersey — February 10 - 23, 2012 — 21A
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N EW J ERSEY
More than 5.7 million s/f leased and/or renewed HartzMountain Industrieshas banner leasing year in 2011
ECAUCUS, NJ — Hartz Mountain Industries, leased and renewed more than 5.7 mil- l i on s / f o f commercial real estate in 2011 and notably di- versified the c omp a n y ’ s portfolio into r e s i d e n t i a l real estate in an unexpectedly robust year. Emanuel Stern, president and COO of Hartz, pointed to industrial leasing as “the star of 2012” as the Port business continued to grow in the NY region and triggered ware- house requirements. “For the last several years conversion of warehouses for data center use kept the mar- ket lively, but the traditional users are back and growing,” said Stern. “Regionally, sec- tors where data centers are an appealing adaptive reuse continue to provide excellent returns, with power and water constraints limiting the num- ber of practical sites and in- creasing their value. But this year we had a back-up deal to many of our basic space trans- actions, and it has been a long time since we saw that kind of velocity in the market.” Hartz’s big portfolio shift this year was driven by the residential renters-by-choice S Emanuel Stern
market, where we have made significant investments and are on our way to creating a 5000-unit portfolio. The hous- ing market’s recent volatility created this market, which is discouraged from ownership and eager to enjoy the urban lifestyle. Their appetite for luxury rentals, especially with spectacular views and condo-inspired amenities, is voracious. New construction beginning on New Jersey’s ‘Gold Coast’ at high-end build- ings including The Estuary in Weehawken, which will be managed by Roseland Prop- erties, in which Hartz now
holds an interest, will absorb the tide of new renters that are driving the residential market. Among Hartz’s most signifi- cant industrial leases in 2012 were 595,000 s/f leased to NJ Transit, 225,000 s/f leased to National Retail Transporta- tion, 185,000 s/f leased to Meadowlands Distribution, 31,000 s/f leased to St. Luke’s Roosevelt Hospital, and 32,000 s/f leased to Yusen Air. Hartz also announced Car- rabba’s Italian Grill will lo- cate next to LA Fitness on Harmon Meadow Blvd. in spring 2012. ■
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