April 12, 2018
EAST HANOVER, N.J. – Transwestern today announces it represented Community Healthcare Associates (CHA) in the $5 million acquisition of an 80,807-square-foot office building at
1 S. Ridgedale Ave. in East Hanover, New Jersey. Transwestern Vice President Leslie Meril represented CHA, a Bloomfield, New Jersey-based company that specializes in the redevelopment and revitalization of custom-built medical arts complexes and office suites. The new owner plans to redevelop the property into a skilled nursing and rehabilitation center.
“Whether it’s in Paterson, Hammonton, Jersey City, or any other adaptive reuse project we have worked on, quality of patient care is first and foremost on our minds,” said Bill Colgan, Managing Partner of CHA. “Once completed, the residents who seek to improve their quality of life through the rehabilitative services to be offered in this dynamic and modern facility will see that every amenity is available to them.”
Since 2008 Community Healthcare Associates has successfully revitalized and constructed new healthcare facilities in both New Jersey and New York resulting in job creation and preservation of community-based healthcare. Successful projects have included the repositioning of the former Barnert Hospital in Paterson; the overhaul of the 100,000 sf, former William B. Kessler Memorial Hospital in Hammonton; and the conversion of the shuttered Greenville Hospital into the fully occupied Greenville Medical Arts Complex in Jersey City. Earlier this year, CHA announced that their plans to develop a 186,000-square-foot medical arts complex and 120 luxury residential apartments at the site of the former Muhlenberg Hospital in Plainfield would begin in the early part of 2018.
“The repositioning of conventional office space for medical uses is a complex process that requires considerable expertise,” said Meril. “The process is simplified when dealing with a company such as CHA, which has a first-class reputation in the world of community-based healthcare.”
The building was acquired from multinational pharmaceutical company Novartis, which had used it for general office purposes. Novartis was represented in the transaction by Steven Schultz, Executive Managing Director of Newmark Knight Frank.
Transwestern is a privately held real estate firm of collaborative entrepreneurs whodeliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the New Jersey office, follow @TranswesternNJ.