The Hampshire Cos. has acquired 250 Essex St. in Hackensack, it announced recently.
This is the Morristown-based real estate firm’s first Opportunity Zone investment, it said.
“Our legacy of cycle-tested investments and hands-on development approach puts us in a unique position to leverage the investment benefits offered by Opportunity Zones while working to improve our cities, towns and our local economy,” Jimmy Hanson, CEO and president, the Hampshire Cos., said. “Our focus within these zones will be the development of multifamily, industrial and self-storage assets along the (Interstate) 95 corridor throughout the Northeast.”
Hampshire said it will be partnering with Danitom Development to redevelop the property, which sits on 0.69 acres.
“Hackensack was quickly identified as an excellent market for us to make our first Opportunity Zone investment, given its ideal location, strong local demographics, and its proximity and accessibility to mass transit,” John Durso, vice president and portfolio manager of the Hampshire Cos., said. “While this project marks our first Opportunity Zone investment, we have a long history in Hackensack and are looking forward to working with the city to revitalize the site.”
The site is the home of the former Arena Diner and is within direct access to the Hackensack University Medical Center. It is also less than a quarter mile from New Jersey Transit’s Essex Street Station.
Greg James, director of capital markets for NAI James E. Hanson, represented the Hampshire Cos. in the deal.
Financial terms were not disclosed.