NAI Hanson Brokers Sale of Two Verona Properties for Redevelopment
Approximately 120 residential apartments expected to be developed on 4+ acre site
Verona, N.J. – NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, announced it has arranged the sale of the former Annin Flag Company site, a 62,000-square-foot building located at 151-163 Bloomfield Avenue, as well as the adjacent site, the former Verona Inn, to D&R Verona, LLC. NAI James E. Hanson’s Director of Capital Markets Greg James and Senior Vice President, Andrew Somple, SIOR, represented the seller, Annin & Co. in the transaction.
Originally constructed in 1919, this four story building situated on 2.48 acres, was home to one of the largest American-based flag manufacturing companies and served as the entry point into Verona. The adjacent lot, also purchased with the assistance of Mr. James and Mr. Somple, is situated on 1.83 acres.
The buyer, a collaborative effort of Russo Development and Terminal Construction plans an adaptive re-use of the existing building to construct a 119-unit apartment complex. The property is located near Interstate 280, and the Garden State Parkway as well as the Montclair Golf Club and Eagle Rock Reservation. Nearby shopping, restaurants, exceptional schools and access to superior recreational facilities make this site ideal for residential development.
The Annin Flag property was an exclusive listing and was offered to 40 qualified prospects, resulting in 18 bids. There were then two additional rounds of bidding. The ultimate buyer closed on five different tax lots based on the competitive bidding for the property. According to Somple “They made an aggressive offer with limited contingencies, thus separating themselves from the other buyers”.
“We are going to continue to see older commercial buildings in suburban areas be redeveloped into multi-family units,” said James. “Verona is a desirable place to live and the suburban office market has yet to recover to its pre-2007 form. It really makes perfect sense to redevelop the property into the hottest residential commodity right now, multi-family housing.”
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About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.
NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with 400 offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Hackensack office at 201-488-5800 or visit www.naihanson.com.