Manulife US REIT completes $115m purchase of New Jersey property
A Singapore REIT, Manulife US REIT, has acquired 500 Plaza Drive in Secaucus, N.J., for $115 million, marking the company’s first investment in the northeastern United States.
The seller was Boston-based real estate investment firm Marcus Partners. Marcus bought the asset from Hartz Mountain Industries for $69 million in 2014.
The 11-story office property totals 461,525 square feet. It recently underwent a $16 million renovation. The building is currently 98.9 percent occupied. Tenants include children’s apparel retailer The Children’s Place, clinical laboratory testing firm Quest Diagnostics, AXA Equitable Life Insurance, Xerox Business Services and Verizon.
According to Manulife, the acquisition will increase the value of its portfolio by 13.9 percent to $950.2 million.