Newark, N.J. – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces the sale of ±0.42 acres of land at 1042-1044 Broad Street and 14-16 Camp Street in Newark, N.J. NAI James E. Hanson’s Jonathan Kristofich represented both the buyer, Paramount Acquisitions, LLC, and the seller, SAML, Inc., in the all-cash transaction.
One-half mile south of the Prudential Center, the property is located in a designated Opportunity Zone and within the Lincoln Park Redevelopment Zone, which allows for mid and high-rise mixed-use development. Adjacent to Newark Symphony Hall, which is planning a $50 million renovation for its upcoming 100-year anniversary in 2025, the neighborhood already has several new apartment buildings with more sites seeking approvals as well.
The seller tapped NAI James E. Hanson as the exclusive brokerage firm to market the property for sale and attract a buyer. Experts in selling infill redevelopment sites, NAI James E. Hanson secured a buyer who acquired the property on an as-is basis and will continue to operate the parking lot while exploring the potential redevelopment of the property.
“The wave of redevelopment seen in cities like Hackensack, Jersey City and Newark reflects that there is sustained demand for new housing and developers will clearly continue to meet that demand,” said Kristofich. “As we continue to see high-quality commercial and residential development in these areas, infill urban land will become scarcer and land values will continue to increase. This property is unique in that the existing commercial parking operation enabled the buyer to generate positive income while seeking approvals post-closing. It was a pleasure to represent both the seller and buyer in this very smooth transaction.”