The redevelopment dovetails with reconfiguration efforts taking place in Hackensack's downtown CBD that will make the district more accessible for live-work-play options being developed there.
“The deal represented a value-add opportunity for the purchaser to obtain higher rents by upgrading kitchens and baths," says Kislak's Robert Holland. It's the fifth time Kislak has brokered a sale of the properties.
With the addition of the new retail options, Bell Works is continuing its dramatic transformation into what Somerset CEO Ralph Zucker has called a “metroburb”—a self-contained urban environment in a highly livable suburban locale.
“The seller felt the sale came at the right time due to the relatively low interest rate environment and strong demand for investment properties in Hoboken,” says Kislak's Scott Davidovic.
The project is an integral part of Hackensack's Rehabilitation Plan, a long-term redevelopment plan developed by city officials, local business leaders, and real estate professionals to attract smart, long-term growth to the city.
“The offering at AFC with the newly available space provides an opportunity to enhance the overall property ecosystem while ensuring seamless operations efficiently and fiscally,” says Transwestern's Greg Frankum.
"These revitalization efforts have been fed by visionary multifamily investors who aggressively pursued value-add and development opportunities over the course of many years that are now coming to fruition,” says Gebroe-Hammer's David Oropeza.
