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Hess selling north Jersey 'tank farms'

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EDGEWATER, N.J. (AP) - The Hess Corp. is in negotiations to sell its three former terminals in northern New Jersey.

Real estate developers are eying the waterfront properties that house tank farms in Edgewater, Secaucus and Bogota as premium locations for redevelopment.

Hess spokesman Denny Moynihan tells The Record newspaper the company is selling the properties because it's leaving the retail end of the oil business. Hess announced last year that it planned to divest its gas stations.

Moynihan says there's no resolution yet with any potential buyers.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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