Bergen County’s United Way Acquires Fair Lawn, N.J. Site For Development of Affordable Senior Housing
FAIR LAWN, N.J. (April 4, 2014)– NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, today announced that Bergen County’s United Way has acquired the second phase of the Gateway to Fair Lawn, a residential and retail development in Fair Lawn, N.J.
Bergen County’s United Way acquired the 3.9-acre, fully entitled land site from the Borough of Fair Lawn for $1.7 million. A portion of a subdivided seven-acre parcel, the site has been approved for 64 garden apartments, which Bergen County’s United Way will develop as affordable senior housing.
Located at 18-35 River Road, the residential portion of the Gateway to Fair Lawn will be situated adjacent to phase one of the development, which consists of 20,000 square feet of neighborhood retail space that is currently occupied by CVS and Advance Auto Parts. The residences will also be located a short distance from several shopping centers, restaurants and drug stores, and a short drive to public transportation, highways and various recreational activities.
The NAI Hanson team of Associate Vice President Darren Lizzack and Vice President Hal Messer represented the Borough of Fair Lawn in the transaction.
“Bergen County’s United Way was attracted to the opportunity to acquire a fully entitled site that is located near an abundance of retail options, making it ideal for senior housing,” Lizzack said. “The transaction comes at a perfect time for Bergen County’s baby boomers, who will enter the age of retirement over the next 15 to 20 years. Empty nesters simply do not have a need or desire to maintain their homes as they get older, and with fewer seniors moving away from their family to be in Florida during retirement, we’re going to see a greater need for senior housing that accommodates their needs here in New Jersey.”
About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.
NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with 400 offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Hackensack office at 201-488-5800 or visit www.naihanson.com.
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