Hess 'tank farms' to be sold
Mar 20, 2014 | 1816 views | 0 0 comments | 26 26 recommendations | email to a friend | print
HUDSON AND BERGEN -- Three waterfront properties owned by Hess Corp. are going on sale. The company has announced that it is in negotiations to sell terminal sites in Secaucus, Edgewater, and Bogota.

The Edgewater site is located at 615 River Road, alongside the Hudson River, a prime location for real estate development. According to reports, the company closed tank operations at the 15-acre site about a year ago and drained the tanks.

The site in Secaucus consists of two parcels of land in the Harmon Cove development, located at 34 and 35 Meadowland Parkway. Altogether these properties total about 9.5 acres, mostly fronting the Hackensack River. The tanks have been removed and the area cleared.

The final site totals about five acres at 229 West Fort Lee Road in Bogota, also fronting on the Hackensack River. The site was decommissioned last year.

Hess is selling the properties as part of its strategy to exit the terminal business. The company has also announced plans to divest its gas stations.

The terminal sites were originally chosen due to their proximity to water, facilitating freighter transportation. All three properties offer valuable opportunities for real estate development, although the land will require significant remediation and approval from local authorities for redevelopment. —Art Schwartz

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