Hackensack, N.J. – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces it has been selected as the exclusive brokerage for a prime redevelopment site totaling 1.41 acres in Hackensack, New Jersey. The property is located in the Prospect Area in Need of Redevelopment Zone, spans two subzones and is eligible for a long term tax abatement. Vice President, Jonathan Kristofich will oversee the sales process.
Comprising the Office Plaza on First, 100 First Street, 102-108 First Street, 114-124 First Street and 203 Beech Street in Hackensack, NJ 07601, the contiguous parcels span First and Beech Streets, and is located directly across from Hackensack Meridian Health’s John Theurer Cancer Center, named the #1 cancer hospital in New Jersey by Newsweek in 2023. It is adjacent to both the Helena Theurer Pavilion, a nine-story surgical and intensive care tower, and the Joseph M. Sanzari Children’s Hospital, as well as the entirety of the Hackensack University Medical Center, named the Best Hospital in New Jersey in 2024 by U.S. News & World Report.
The well-positioned property presents a developer with a rare opportunity to construct up to +553,500 buildable square feet (BSF) as a mixed-use project adjacent to/in the Hackensack University Medical Center campus. It is not only a valuable site for medical office space, but it is also ideally located for an extended stay hotel, workforce housing, assisted living, multifamily residential, education and/or non-profit facilities, retail space and the desperately needed structured parking.
Term lease arrangements with high credit tenants on short leases and/or with early termination clauses, provide the prospective developer with the added benefit of income in place during the planning and approval process of a redevelopment project.
“Hackensack has been the beneficiary of nearly $2 billion of private capital investment over the last decade and continues to be one of the most in-demand communities in the state,” said Kristofich. “With its exceptional location in Hackensack just steps from Hackensack University Medical Center, this property is an unmatched opportunity for investors seeking an irreplaceable location next to Hackensack University Medical Center.”
For more information, please contact the exclusive listing agent Jonathan Kristofich at 201-488-5800 or jkristofich@naihanson.com.
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