Hampshire Cos. Enters Opportunity Zone Market

The firm is partnering with Danitom Development to redevelop 250 Essex St. in Hackensack, N.J., formerly home to the Arena Diner.
James Hanson II

The Hampshire Cos. has acquired 250 Essex St. in Hackensack, N.J., marking the private real estate investment firm’s first Opportunity Zone investment. 

The company is partnering with Danitom Development to redevelop the .69-acre parcel, which was previously the site of a now-closed diner. The property is within close proximity to the Hackensack University Medical Center and the NJ Transit Essex Street Station. 

“Up and down the I-95 corridor, we continue to see strong growth fundamentals providing tremendous opportunities for the development of multifamily, industrial and self-storage assets,” James E. Hanson II, president & CEO of The Hampshire Cos., told Commercial Property Executive. “The Opportunity Zone program provides us with another tool that enables us to leverage our decades of experience in ground-up development and redevelopment to bring tangible, transformative real estate investments to these communities.”

Director of Capital markets for NAI James E. Hanson, Greg James, represented The Hampshire Cos. in the deal. 

Last month, the firm sold 700 Union Blvd. in Totowa, N.J., for $51 million. HFF marketed the 382,596-square-foot property, which sold to AEW. 

Image courtesy of The Hampshire Cos.