Hudson News Distributors Sells 475 KSF HQ in North Bergen, NJ
- May 22, 2014
Hudson News Distributors has sold its long-time 23-acre headquarters in North Bergen, N.J. to Bergen Logistics, and leased a new space in Parsippany, N.J.
Bergen Logistics, a third-party logistics company, bought the 475,000-square-foot property, which already has its own facility across the street.
Cushman & Wakefield both arranged the multi-million-dollar sale of 5903 Westside Ave., Hudson News’ long-time headquarters location, and helped the company lease a smaller location at 701 Jefferson Road, a 135,000-square-foot former Coca-Cola distribution facility.
The print media giant decided to sell the headquarters because it no longer best suited its specific distribution requirements, larger than what the media company needed, and not as efficient from both a logistics and financial perspective, according to Bonni Heller, of Cushman & Wakefield who has represented Hudson News in real estate activities for 20 years and orchestrated the transaction.
“(Hudson News) decided to lease for the time being to have maximum flexibility, and one of the most significant factors that helped to determine ‘a building’ was to find something that had enough parking for the number of employee cars, trucks and trailers that they have,” Heller told Commercial Property Executive. “Also, Coca Cola was cost efficient, vacant to meet their timing of having to vacate the former headquarters so that Bergen Logistics could occupy, and because it was utilitarian for their needs.”
The lease at 701 Jefferson Road was recognized by the MCEDC as Morris County’s largest 2013 industrial lease.