Alvarez & Marsal to manage leasing for Asana Partners’ Hoboken retail portfolio

Alvarez & Marsal Property Solutions (AMPS) said in early September that the commercial real estate advisory firm was selected to manage leasing for an approximately 130,000-square-foot retail portfolio owned by Asana Partners in Hoboken.

The portfolio features properties at 1425 Washington St., 1450 Washington St., 1100 Maxwell Lane, 1125 Maxwell Lane, and 1145 Maxwell Lane.

“We are excited for the opportunity to advise on these high-quality retail properties in Hoboken and help bring exciting new businesses to the available space in the portfolio,” said Matthew Krell, managing director at AMPS. “Hoboken is one of the most walkable urban submarkets in the U.S. The area has seen sustained growth thanks to its diverse community, mix of historic and recently constructed properties, vibrant business environment and valuable transportation assets. We expect strong interest in the location from a wide range of local businesses and nationally recognized brands.”

Asana Partners acquired the portfolio in early 2021, which features retail space situated below recently constructed residential units.

The portfolio is located within a few blocks of the Hudson River promenade, featuring landscaped parks and well-kept public spaces with views of the New York City skyline. The nearby Hoboken transit hub includes PATH, New Jersey Transit and New York Waterway ferry service. Interstate 95 and U.S. Route 1 are within just a few miles of the properties.

Young professionals and families have been flocking to Hoboken to live in the more than 27,000 residential units in the area. More than 80% of the city’s residents have a bachelor’s degree or higher, and the median household income for the city is $147,483. Hoboken features a daytime population of more than 27,000 and is also home to Stevens Institute of Technology, one of the oldest technological universities in the U.S., which enrolls more than 6,000 students.

Washington Street and Maxwell Lane are widely recognized as two of Hoboken’s busiest retail corridors. Existing tenants in the portfolio include Cork Wines & Spirits, Bright Horizons, W.Kodak Jewelers, PNC Bank, La Isla Restaurant, Hand and Stone, European Wax Center and 16 Handles.