A rendering of a new age-restricted and assisted living complex slated for 200 Old Hook Road in Harrington Park — Courtesy: NAI James E. Hanson
By Joshua Burd
The site of a former United Water headquarters building in Bergen County is on track to be redeveloped as a senior living complex, following a sale announced by NAI James E. Hanson.
Brokers with the firm represented SUEZ Water, the utility’s successor company, in the sale of the 9.2-acre parcel at 200 Old Hook Road in Harrington Park. Vacated by United Water in 2014, the property is home to a 68,000-square-foot, three-story office building constructed in 1977.
Allegro Senior Living acquired the property for $6.62 million, with plans calling for 83 age-restricted, independent apartments and 92 assisted living units, including 25 memory loss units on the site, NAI Hanson said in a news release. The operator, which is partnering with the United Way, has received approvals for the project.
NAI Hanson’s Andrew Somple and Greg James brokered the transaction.
“The existing property at 200 Old Hook Road was emblematic of New Jersey’s ongoing issue with functionally obsolete and vacant office buildings,” Somple said. “Before Suez/United Water vacated the property, we knew this space had little chance of seeing life as an office building again. However, through creative marketing of the property, we were able to secure a buyer who will redevelop the land and bring a much-desired and ratable asset to local community.
“Unfortunately, the regulatory approval process took longer than anticipated, but in the end, it was a win-win for all parties involved.”
NAI Hanson noted that the parcel is part of a 64-acre conservation tract on the northern shore of the Oradell Reservoir, which made it attractive for a use such as senior living. Owned by St. Louis-based Love Cos., Allegro operates 21 facilities across five states and will make its debut in New Jersey with the Harrington Park location.