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$45 Million Takes Westwood Hospital

WESTWOOD, NJ-The former site of the Pascack Valley Hospital will reopen as a teaching hospital here. The first students are expected to cross the threshold in 2009.

By Brianne Harrison | Updated on May 14, 2008

WESTWOOD, NJ-Hackensack University Medical Center and Touro University College of Medicine closed on a deal to acquire the 20-acre site once owned by Pascack Valley Hospital for $45 million. The deal was brokered by members of Cushman & Wakefield’s Metropolitan Area Capital Markets Group.

“There was a lot of interest in this deal,” Jose Cruz, executive director of the Metropolitan Area Capital Markets Group tells GlobeSt.com. “It’s not often you get to acquire a site that’s 20-plus acres in Westwood. It’s a great location.”

He continues that “everybody wins on this. The town wanted a hospital, we wanted to get the best price for the bond holders and it made Hackensack happy, so I think overall everybody benefits from the sale.” Cruz, along with vice chairman Andrew Merin spearheaded the sale, with assistance from brokers David Bernhaut and Gary Gabriel.

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