Updated Oct 12, 2026
Hampshire Companies Acquires Property At 250 Essex St Hackensack With Buyer's Rep Greg James
250 Essex St, Hackensack, NJ, 07601
Building Size
—
Asset Type
Office
Closing
Nov 20, 2023
About this deal
AI
The property asset involved in the transaction is located at 250 Essex St, Hackensack, NJ, 07601. It is the former Arena Diner site, encompassing a 0.69-acre parcel. This site represents the first Qualified Opportunity Zone investment for the Hampshire Companies. However, the transaction amount was not disclosed.
Summary of transaction details:
- Property Type: Qualified Opportunity Zone Investment
- Transaction Amount: Not Disclosed
- Address: 250 Essex St, Hackensack, NJ, 07601
- Market: Hackensack
- Buyer: Hampshire Companies
- Buyer's Representative: Greg James-NAI, James E. Hanson
- Seller: Not disclosed
- Lot Size: 0.69 acres
Hampshire Companies is collaborating with Danitom Development, based in Paramus, NJ, to redevelop the site. The location is strategically beneficial, situated directly across from Hackensack University Medical Center and less than a quarter mile from NJ Transit’s Essex Street Station. John Durso, VP and portfolio manager at Hampshire, indicated a positive outlook for investment in Hackensack.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93