In March 2015, New Valley Realty partnered with Carlton Strategic Ventures to acquire The Plaza at Harmon Meadow (650 and 700 Plaza Drive), a 219,382 square foot lifestyle center in Secaucus, NJ. The Plaza at Harmon Meadow is part of a larger development known as Harmon Meadow, which was developed in 1981 and is comprised of 4 million square feet of retail, office, hotel, and entertainment space, thus rendering the area a focal point for Northern New Jersey real estate.
The property is made up of a diverse mix of tenants. 650 Plaza Drive is a stand-alone outparcel that contains a 14 screen Kerasotes movie theater, which totals 59,110 square feet. 700 Plaza Drive is comprised of 131,493 square feet of retail and a 28,779 square foot office component. The retail portion is home to 34 tenants and the office portion is leased to 16 tenants.
Within the larger Harmon Meadow development are 7 hotels, which boast an average occupancy of over 90%, as well as a convention center that welcomes over 250,000 conventioneers per annum. The close proximity of the hotels and office space results in a steady flow of consumers for the retail components of The Plaza.