Hampshire Cos. enters opportunity zone market

The Hampshire Cos. has made its first investment under the federal Opportunity Zone program, acquiring 250 Essex Street in Hackensack, N.J.

Financial terms were not disclosed.

Hampshire is partnering with Paramus-based Danitom Development to redevelop the .69-acre parcel, which was the site of a now-closed Arena Diner.

“Our legacy of cycle-tested investments and hands-on development approach puts us in a unique position to leverage the investment benefits offered by Opportunity Zones while working to improve our cities, towns and our local economy,” said Jimmy Hanson, CEO and president, the Hampshire Cos. “Our focus within these zones will be the development of multifamily, industrial and self-storage assets along the [Interstate] 95 corridor throughout the Northeast.”