Hornrock Properties Acquires Mixed-Use Property In Hackensack For $10.5M

The property at 123 Anderson Street in Hackensack has been sold for $10.5 million. This 2.8-acre mixed-use asset will be transformed into a development featuring approximately 350 residential units and retail space, spanning 120,182 square feet. The property is strategically located in downtown Hackensack with prime frontage and access to New Jersey Transit Right of Way.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $10,500,000
• Units: 350
• Price Per Unit: $30,000
• Square Footage: 120,182
• Price Per Square Foot: $87
• Address: 123 Anderson Street
• Market: Hackensack

Hornrock Properties has acquired the property, with Eric Anderson representing Alexander Anderson Real Estate Group in the transaction. This marks Hornrock's second development endeavor in the area, aligning with their multifamily property investments in New Jersey. The acquisition reflects the growing appeal of downtown Hackensack for young professionals and stakeholders.