Hahne & Co. at 609 Broad St. in Newark — Courtesy: Walker & Dunlop
By Joshua Burd
The team behind the restoration of the historic Hahne & Co. building in Newark is seeking investors for the property, in a newly announced offering by Walker & Dunlop.
According to the brokerage firm, the asset’s current ownership is looking to recapitalize the equity interest in what’s now a collection of 160 luxury apartments and 170,000 square feet of retail, commercial and education space. That includes a Whole Foods that anchors the property at 609 Broad St., which has revitalized the former Hahne’s department store and was among Newark’s most high-profile redevelopment projects of the past decade.
“Hahne & Co. is testament that well-executed adaptive reuse developments can spur progress in a transitioning market,” said Thomas Walsh, a managing director with Walker & Dunlop’s investment sales team in the region. “No property in New Jersey combines residential, commercial, education and retail as efficiently and seamlessly as Hahne & Co. does. This investment opportunity combines credit cash flow with considerable upside as Newark continues its ascent as a top destination for residents, students, artists and tech companies.”
Originally built in 1901, the long-dormant property is listed on the National Register of Historic Places. It has been home to commercial space and apartments since roughly 2017, as part of an acclaimed restoration and conversion project by L+M Development Partners, Prudential Financial and Goldman Sachs Urban Investment Group.
Aside from Whole Foods’ nearly 30,000-square-foot store, the property is home to more than 70,000 square feet occupied by Rutgers University. Its loft-style apartments, meantime, are 99 percent leased and were among the first new market-rate rentals to come to Newark in a decade.
The Walker & Dunlop team, which also includes Joseph Garibaldi and Nick Vanderslice, also highlighted features such as its location adjacent to Prudential’s 740,000-square-foot office tower that opened in 2015 and its proximity to Newark’s mass transit network. W&D’s Jonathan Schwartz is leading the debt and finance team on the assignment.
“Hahne & Co.’s separate condominium structure provides considerable upside as units can be separately financed and monetized allowing an investor to take advantage distinct revenue streams backed by credit-rated entities,” Walsh added.
Facilities manager inks lease at iconic Hahne’s building in Newark for new East Coast HQ
