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.