January 3, 2019
The former Arena Diner at 250 Essex St. in Hackensack, NJ is the first Qualified Opportunity Zone investment for the Hampshire Companies. Pricing wasn’t disclosed. Hampshire is partnering with Paramus, NJ-based Danitom Development to redevelop the 0.69-acre parcel.
“Hackensack was quickly identified as an excellent market for us to make our first Opportunity Zone investment,” said John Durso, VP and portfolio manager at Hampshire. “We have a long history in Hackensack, and are looking forward to working with the city to revitalize the site.”
Hampshire plans to use QOZ investments as a springboard to develop “multifamily, industrial and self-storage assets along the I-95 corridor throughout the Northeast,” said CEO James E. Hanson.
250 Essex benefits from its location directly across the street from Hackensack University Medical Center and less than a quarter mile from NJ Transit’s Essex Street Station. NAI James E. Hanson’s Greg James represented Hampshire in the transaction.
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