NAI James E. Hanson has negotiated a $6.62-million sale of a 9.2-acre parcel at 200 Old Hook Road in Harrington Park to Allegro Senior Living. The property includes a 68,000-square-foot, three-story office building vacated by United Water in 2014.
Owned by St. Louis-based Love Companies, Allegro Senior Living has specialized in the development and management of luxury retirement communities for over 40 years. Each of their projects is designed to serve as a unique reflection of the surrounding neighborhood. Allegro currently operates 21 facilities across five states and the Harrington Park location will be Allegro’s first facility in New Jersey. Allegro and their joint venture partner, United Way, have received approvals to construct 83 senior independent apartments and 92 assisted living units, including 25 memory loss units on the site.
“The existing property at 200 Old Hook Road was emblematic of New Jersey’s ongoing issue with functionally obsolete and vacant office buildings,” said NAI James E. Hanson’s Andrew Somple. “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.”
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