NAI Hanson Negotiates Sale Land Parcel in Downtown Hackensack

Feb 25, 2020

Hackensack, N.J. (February 25, 2020) – NAI James E. Hanson announces it has facilitated the sale of a 0.25-acre parcel at 17 Salem Street in Hackensack, N.J. NAI James E. Hanson’s Joan Cenicola and John Schilp represented the seller, Wells Fargo, in the transaction.

Over the past decade, creative developers and visionary municipal leaders have sought to reinvent the city of Hackensack as a dynamic, transit-oriented live-work-play destination. Currently, there are 24 mixed-use projects under construction which, upon completion, will bring 4,000 residential units and 65,000 square feet of brand-new retail space to the city over the next several years. With a location nearby several of these projects, 17 Salem Street boasts tremendous flexibility in the heart of one of New Jersey’s most exciting cities.   

“The key to successfully marketing and negotiating the sale of a property like 17 Salem Street relies heavily upon truly understanding the asset’s best possible usage,” said Cenicola. “In an evolving and in-demand location such as Hackensack, our local knowledge is vital as it provides us with an unmatched understanding of all factors and conditions at play, enabling us to facilitate a sale that represents the highest possible value for this kind of asset.”

Cenicola’s ability to market and sell properties has helped her to forge a strong working relationship with Wells Fargo, one of the nation’s largest banks, as they seek to dispose of assets that no longer align with their long-term real estate strategy. Over the last five years, Cenicola has represented Wells Fargo in 28 transactions valued at $38 million during that span.  

Gary Lippert, CLS, CPA, Vice President, Wells Fargo affirmed the bank’s long relationship with NAI Hanson and Cenicola in particular, stating: “No one expected the quantity of excellent opportunities you have continually brought to the table for us, and you have certainly earned the respect of our organization.”

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