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Nursing Facility Sells for $3M

EAST ORANGE, NJ-Originally built as a hotel, the 205-bed New Grove Manor is now under the ownership of 55 Holding LLC.

By Eric Peterson | Updated on June 26, 2008

EAST ORANGE, NJ-New Grove Manor, a 205-bed nursing and rehabilitation center, has been sold for $3.1 million. The buyer was investor group 55 Holding LLC; the seller was described by the broker as a private family-owned investment group. On public documents registered with the state, the identity of that group was listed as Garden State Nursing Home Inc.

“Healthcare services are among a short list of recession-proof industries,” says David Oropeza, EVP of the Livingston, NJ-based Gebroe-Hammer Associates, who represented the seller and procured buyer 55 Holding. “That makes this investment opportunity quite attractive.”

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