Vacant headquarters to be redeveloped into senior living facility
Harrington Park, N.J. (March 28, 2019) – NAI James E. Hanson announces it has negotiated the sale of a 9.2-acre parcel of land to Allegro Senior Living at 200 Old Hook Road in Harrington Park, N.J. for $6.62 million. NAI James E. Hanson’s Andrew Somple, SIOR, and Greg James represented the seller, SUEZ Water, formerly United Water, in the transaction.
Vacated by United Water in 2014, 200 Old Hook Road is a 68,000-square-foot, three-story office building on 9.2-acres, constructed in 1977. The property, situated in the middle of a 64-acre conservation tract on the northern shore of the Oradell Reservoir, features an idyllic setting that makes it an ideal repositioning opportunity for a senior living facility.
Owned by St. Louis-based Love Companies, Allegro Senior Living has specialized in the development and management of luxury retirement communities for over 40 years. Each of their projects is designed to serve as a unique reflection of the surrounding neighborhood. Allegro currently operates 21 facilities across five states and the Harrington Park location will be Allegro’s first facility in New Jersey. Allegro and their joint venture partner, United Way, have received approvals to construct 83 senior independent apartments and 92 assisted living units, including 25 memory loss units on the site.
“The existing property at 200 Old Hook Road was emblematic of New Jersey’s ongoing issue with functionally obsolete and vacant office buildings,” said Somple. “Before Suez/United Water vacated the property, we knew this space had little chance of seeing life as an office building again. However, through creative marketing of the property, we were able to secure a buyer who will redevelop the land and bring a much-desired and ratable asset to local community. Unfortunately, the regulatory approval process took longer than anticipated, but in the end, it was a win-win for all parties involved.”
