350-unit mixed-use with retail in Hackensack sells for $10.5M to Hornrock Properties

Alexander Anderson Real Estate Group recently said it successfully negotiated the sale of  123 Anderson St. in Hackensack to Hasbrouck Heights-based Hornrock Properties for $10.5 million.

The transaction marks one of several multifamily property investments in New Jersey by Hornrock Properties and signifies its second development endeavor in Hackensack. The vision for the 2.759-acre property includes transforming it into a mixed-use development comprising approximately 350 residential units alongside retail space.

Strategically situated within the heart of Hackensack, the property offers prime location with frontage on Passaic, Linden and Anderson streets and the New Jersey Transit Right of Way. Currently, the 120,182-square-foot site hosts three buildings housing a variety of businesses, including Walgreens, Dunkin Donuts, La Azoguenita Restaurant, a Family Laundry and the Gathering Church. Moreover, the property also includes a parking lot accommodating approximately 167 vehicles.

Alexander Anderson Real Estate Group represented both the private seller and Hornrock Properties.

“The property’s prime location in the heart of Hackensack, coupled with Hornrock Properties’ past success in developing the successful 389-unit mixed-use ‘Ivy & Green’ development on Park Avenue in Hackensack, underscores our commitment to revitalizing downtown. This project promises enormous potential for residents, visitors, merchants and real estate stakeholders alike,” Eric Anderson, CEO of Alexander Anderson said.

Anderson, who also serves as an executive board member of the Main Street Business Alliance, emphasized the appeal of Hackensack’s evolving landscape to young professionals seeking both cultural vibrancy and convenient commuting options to New York City and other western points.

The sale of 123 Anderson St. signifies not only a significant real estate transaction, but a testament to the promising future of Hackensack’s downtown district.