Hartz Mountain Has Banner Leasing Year In 2011 - More Than 5.7 Million Square Feet Leased and/or Renewed

Hartz Mountain Industries, leased and renewed more than 5.7 million square feet of commercial real estate in 2011 and notably diversified the company’s portfolio into residential real estate in an unexpectedly robust year.

Emanuel Stern, President and COO of Hartz, pointed to industrial leasing as “the star of 2011” as the Port business continued to grow in the New York region and triggered warehouse requirements.
“For the last several years conversion of warehouses for data center use kept the market lively, but the traditional users are back and growing,” says Mr. Stern. “Regionally, sectors where data centers are an appealing adaptive reuse continue to provide excellent returns, with power and water constraints limiting the number of practical sites and increasing their value. But this year we had a back-up deal to many of our basic space transactions, 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 market, where we have made significant investments and are on our way to creating a 5000-unit portfolio. The housing 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 buildings including The Estuary in Weehawken, which will be managed by Roseland Properties, in which Hartz not holds an interest, will absorb the tide of new renters that are driving the residential market.
Among Hartz’s most significant industrial leases in 2011 were 595,000 square feet leased to NJ Transit, 225,000 square feet leased to National Retail Transportation, 185,000 square feet leased to Meadowlands Distribution, 31,000 square feet leased to St. Luke’s Roosevelt Hospital, and 32,000 square feet leased to Yusen Air.
Panera Bread opened its first table-service restaurant in New Jersey in Harmon Meadow this past December. Hartz also announced Carrabba’s Italian Grill will locate next to LA Fitness on Harmon Meadow Blvd. in spring 2012.
For leasing information, please contact the Hartz leasing department at 201.348.1200.
About Hartz Mountain
Headquartered in Secaucus, NJ, Hartz Mountain Industries, Inc. owns and manages one of the largest privately held commercial real estate portfolios in the United States, comprised of approximately 200 properties and totaling more than 38 million sq. ft. in the northern New Jersey/New York area, Hartz employs a comprehensive approach to real estate for leasing, management, finance, acquisition, architecture, construction, development, planning, and marketing, design and property management. By controlling the development process end-to-end, the company strives to remain at the forefront of commercial, industrial, retail and hotel development. Hartz has been recognized by NJPA Real Estate Journal as the “Best Developer of 2004” and the Business News New Jersey (NJBIZ) as one of the best places to work in New Jersey for 2004 and 2005. For more information, visit Hartz’s web site at www.hartzmountain.com.