New Jersey

The two-story White Building totals 29,042 square feet, split between retail condominium space on the ground floor and an office condominium on the second floor. The second floor office condominium will remain occupied by the White Family Law Firm.

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.

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.

A roundup of the latest leases, sales and other transactions in the Northeast middle markets.

“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.

"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.

"We do believe there is considerable value to add through investments in social, recreational, and business amenities,” says Steve Card, principal and regional director, Mid-Atlantic, for Rubenstein Partners.