BDP Holdings Buys Historic New Jersey Development Site
BDP Holdings, a New Jersey-based real estate investment company and private placement sponsor, has purchased Lackawanna Plaza, an approximately 7.6-acre development site in Montclair, New Jersey, which includes the historic Lackawanna Terminal.
BDP Holdings, a New Jersey-based real estate investment company and private placement sponsor, has purchased Lackawanna Plaza, an approximately 7.6-acre development site in Montclair, New Jersey, which includes the historic Lackawanna Terminal. The purchase price was not disclosed by the company.
According to filings with the Securities and Exchange Commission, the company launched its $10.7 million private placement offering, BDP Montclair 2019 LLC, in August 2020, and BDP Lackawanna Investors LLC, a $3.5 million private placement offering, in late January 2021.
Located approximately 15 miles from New York City, Lackawanna Plaza is the largest development site in Montclair and 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. The terminal was added to the National Register of Historic Places in 1973.
“As a Montclair resident myself, I understand both the historical and current significance of Lackawanna Plaza for the community,” said David Placek, managing partner at 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.”
This is BDP Holdings’ third investment in the Montclair area.
BDP Holdings is a New Jersey-based real estate investment company focused on the acquisition, development and repositioning of real estate in the New York Tri-State area and across the U.S. The company 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 leadership has invested more than $6.5 billion in value-driven real estate across the U.S.
