NAI James E. Hanson is marketing a 1.41-acre development site in Hackensack that includes the Office Plaza on First at 100 First St., along with properties at 102-108 and 114-124 First St. and 203 Beech St. — Courtesy: NAI Hanson
By Joshua Burd
A development site across from Hackensack University Medical Center is on the market for sale, offering the potential to build everything from housing to laboratory space to structured parking.
According to NAI James E. Hanson, which represents the would-be seller, the property spans 1.41 acres across several adjacent parcels and buildings on First and Beech streets. It’s also part of the city’s Prospect Area in Need of Redevelopment Zone, comprising two subzones with eligibility for a long-term tax abatement.
NAI Hanson’s Jonathan Kristofich is overseeing the sales process on behalf of an undisclosed owner, noting that a prospective developer can build up to 553,500 square feet of mixed-use space. Its location across from Hackensack Meridian Health’s John Theurer Cancer Center, the Helena Theurer Pavilion and the Joseph M. Sanzari Children’s Hospital make it a valuable site for not only medical office space, he said, but for an extended stay hotel, workforce housing, assisted living, multifamily residential, education or nonprofit facilities, laboratory space, retail space or desperately needed structured parking.
“Hackensack has been the beneficiary of nearly $2 billion of private capital investment over the last decade and continues to be one of the most in-demand communities in the state,” Kristofich said. “With its exceptional location in Hackensack just steps from Hackensack University Medical Center, this property is an unmatched opportunity for investors seeking an irreplaceable location next to Hackensack University Medical Center.”
The offering includes what’s known as the Office Plaza on First at 100 First St., along with 102-108 and 114-124 First St. and 203 Beech St., according to a news release. Kristofich also noted that term lease arrangements with high-credit tenants on short leases or with early termination clauses provide the prospective developer with the added benefit of income in place during the planning and approval process of a redevelopment project.
