Hartz Mountain Industries, a Secaucus, New Jersey-based real estate developer, has closed on its $54.5 million purchase of Newsday Media Group’s headquarters in Melville from property owner Tribune Media Co., according to brokerage CBRE and Tribune Media.
"Hartz Mountain has closed on the property and is very excited about the opportunity to redevelop the site. We’re still in the planning stages, but intend to move forward quickly," James Rhatican, vice president of land use and development for Hartz Mountain, said in an email Wednesday.
The new owner plans to demolish the more than 413,500-square-foot facility, which sits on 48.3 acres, and build warehouse and distribution facilities in its place, Rhatican said last month. The company was drafting “conceptual plans” for the site, located at 235 Pinelawn Rd., and early plans called for the construction of two warehouse and distribution facilities, Rhatican said at the time.
Tribune Media disclosed the sale in a news release and didn't have any additional comment.
“We had interest from literally all around the country. It was very competitive,” said Jeffrey Dunne of CBRE’s Institutional Properties Group. “It’s hard to find sites of this size as well located as this is.”
Newsday, which is now printed by The New York Times in College Point, Queens, has said it will move from its rented headquarters in Melville to a more modern office on Long Island. The paper also has said there are no plans to stop publishing a print edition of Newsday.