Wednesday, March 26, 2014

Hess selling off former tank terminal sites in New Jersey, US

Hess Corp is to sell three of its former tank farms in waterfront locations across New Jersey, US, as the company prepares to exit the retail end of the terminal business.
Real estate developers have reportedly expressed in interest in sites at Edgewater, Bogota and Secaucus, though no asking prices have been set as yet.
The 15-acre Edgewater site is located on the Hudson River and is said to be the most of valuable of the three. Hess also is selling its tank site at Bogota, on the Hackensack River, which consists of two 5-acre land parcels.
Finally, the company is selling two parcels, one a former tank site, at neighbouring locations in the Harmon Cove development in Secaucus. Totalling around 9.5 acres, most of the properties' acreage is on the Hackensack River.
The tanks have been removed and the land is now vacant. River Development, based in Red Bank, is said to be interested in Hess's Bogota property.
The company is purchasing an eight-acre property adjacent to the Hess site. According to reports, River Development is asking the borough to declare that property as an area of redevelopment and has preliminary plans for a number of high-end apartments.
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