MONTCLAIR, N.J., Feb. 2, 2021 /PRNewsCentre/ — BDP Holdings, a New Jersey-based real estate investment company, announced today the acquisition of Lackawanna Plaza, an approximately 7.6-acre development site in Montclair, New Jersey, which includes the historic Lackawanna Terminal.
"As a Montclair resident myself, I understand both the historical and current significance of Lackawanna Plaza for the community," said David Placek, managing partner, BDP Holdings. "BDP is very excited to acquire this extraordinary property, and we look forward to realizing its full potential, which includes bringing a grocery store back to the neighborhood. It’s an incredible opportunity for us to bring a fresh vision to the property, while still paying homage to the history of Lackawanna Terminal."
As the largest development site in Montclair, Lackawanna Plaza consists of two parcels separated by Grove Street. The parcel to the west side of Grove Street includes a nearly vacant enclosed mall, former supermarket and office building. The east side parcel currently serves as surface parking.
Built in 1912, Lackawanna Terminal served as the Montclair Branch of the Delaware Lackawanna and Western Railroad from 1913 until 1981 and helped to establish Montclair as a location of major importance just 12 miles from New York City. The terminal was added to the National Register of Historic Places in 1973.
This is BDP Holdings’ third investment in the Montclair area. BDP’s leadership has invested more than $6.5 billion in value-driven real estate across the U.S.
About BDP Holdings
Led by a team with nearly 30 years of experience, BDP Holdings is a New Jersey-based real estate investment company specializing in the acquisition, development and repositioning of real estate in the New York Tri-State area and across the U.S. BDP focuses on properties in markets with high barriers to entry and then seeks to add value through the repositioning of existing properties or the development of new properties and communities. BDP’s executive team has invested in over $6.5 billion of value-driven real estate including over five million commercial square feet and 40,000 residential units in more than 30 states.
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SOURCE: BDP Holdings