CUSHMAN & WAKEFIELD TEAMS WITH HARTZ FOR 360,000 SQUARE FEET OF INDUSTRIAL LEASES
Teamwork Cited as Key to Retaining Operations in New Jersey for Samsung Division and Walong
SECAUCUS/JERSEY CITY, N.J., August 30, 2011 – Working cooperatively with owner Hartz Mountain Industries, Cushman and Wakefield, Inc. has arranged two industrial leases with Samsung and Walong with a combined total of more than 360,000 square feet, with both transactions retaining New Jersey-based operations. Andrew Stypa and Daniel Badenhausen of Cushman & Wakefield represented the tenants in both leases, and Hartz was represented in-house by Gus Milano and Ernest Cristoff.
“The key in both transactions was working closely with Hartz to make them happen,” said Stypa. “We continue to cultivate relationships throughout the marketplace.”
In one transaction, the Fashion & Textile Division of Samsung C&T America leased 185,000 square feet at Hartz’s 35 Henry Street in Secaucus, N.J. Situated off Route 3 and at Exit 15X of the New Jersey Turnpike, the property is within the Harmon Cove Industrial Park, near Manhattan, Newark Liberty International Airport and other key routes.
“Samsung initially wanted to move the operation to California,” says Stypa. “After we had identified several locations there, the company decided to remain and expand within New Jersey. Hartz’s building at 35 Henry Street ultimately was the ideal location for them.”
“We stayed in New Jersey for a variety of business reasons, including the fact that we didn’t want to lose sales, especially with the back-to-school season coming up,” said Ali Abid, senior manager of office administration and logistics for Samsung. “Also, we have been working with Cushman & Wakefield for a long time and trust their expertise. In this business, it’s all a matter of trust.”
Walong Marketing, Inc., an Asian food distributor based in California, had occupied Hartz’s entire 175,456-square-foot 99 Caven Point Rd. in Jersey City as the company’s East Coast distribution center for 10 years, and opted to renew and stay in place for another 20 years.
“We looked at other options, researched different properties, and discussed the value added services we are able to provide in the decision-making process,” said Stypa. “Ultimately Walong determined that it made the most sense for them to stay where they are.”
“In the process of working with Hartz in both cases, we were able to complete transactions that made sense for both sides,” said Badenhausen. “As it happened, Walong was seeking a 10-year lease and eventually agreed to a 20-year lease, bringing substantial value to both tenant and landlord.”
“Andrew and Dan were extremely accommodating and thoughtful throughout the process,” said Jonson Chen, vice president-real estate for Walong Marketing. “It was a major advantage to be able to work with brokers that have experience with a particular landlord and who are able to give us sound recommendations.
“Our underlying desire was to remain at the spot, but they took the time to research other potential sites,” said Chen. “The cost of moving would be something to take on, but we were ready to do so if necessary. In the end, we were able to work out an agreement and signed for 20 years. That speaks to our confidence in the location, the property’s ownership, and the deal achieved by the Cushman & Wakefield team.”
“We greatly value our partnership with Cushman & Wakefield, which dates back to the 1960s and includes office, industrial and retail leasing,” said Emanuel Stern, president and COO of Hartz Mountain Industries. “These two transactions are emblematic of how rewarding deals come about in this economic environment, where there are many choices available to tenants and brokers, and owners must be able to not only precisely satisfy every requirement, but to add value by understanding the tenant’s business plan in addition to their real estate needs.”
“In any cycle, it is vitally important to work together to retain businesses and the jobs they provide,” said Stypa. “In this case, we are pleased to have worked closely with Hartz to get these transactions completed and retain these companies and jobs for New Jersey.”
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About Cushman & Wakefield, Inc.
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Evelyn Weiss Francisco: evelyn (at) caryl (dot) com, (201) 796-7788, www.twitter.com/carylcomm
