NAI James E. Hanson today announced it has arranged the sale of the former Anin Flag Company site, a 62,000-square-foot building, as well as the adjacent site, the former Verona Inn to D&R Verona, LLC. NAI James E. Hanson’s Director of Capital Markets Greg James and Senior Vice President, Andrew Somple, SIOR, represented the seller, Carter Beard in the transaction.
The Anin Flag Company once occupied the four-story building boasting high ceilings and parking for 109 which is located at 163 Bloomfield Avenue and sits on 1.52 acres. The adjacent lot, once home to the Verona Inn, is situated on .45 acres.
The buyer plans an adaptive re-use of the existing building to construct a 55-unit apartment complex, with another 50-55 units expected to be added to the site. The property was an exclusive listing, offered to 40 strategic clients and bid on by 18 of them. In all, the buyer, D&R Verona, closed on five different tax lots based on the competitive bidding for the property.
“We are going to continue to see older commercial buildings in suburban areas be redeveloped into multifamily units,” said Somple. “Verona is a desirable place to live and the suburban office market has yet to recover to its pre-2007 form. It really makes perfect sense to redevelop the property into the hottest residential commodity right now, multi-family housing.”
The property is located near Interstate 280, and the Garden State Parkway as well as the Montclair golf Club and Eagle Rock Reservation. Nearby shopping, restaurants, exceptional schools and access to superior recreational facilities make this site ideal for residential development.