EAST HANOVER, NJ—Community Healthcare Associates acquired an 80,807-square-foot office building at 1 S. Ridgedale Ave. in East Hanover, NJ from global pharmaceutical firm Novartis for $5 million.
Transwestern vice president Leslie Meril represented CHA, a Bloomfield, NJ-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. Novartis was represented in the transaction by Steven Schultz, executive managing director of Newmark Knight Frank.
“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,” says 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 square-foot 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 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 in the early part of 2018.
“The repositioning of conventional office space for medical uses is a complex process that requires considerable expertise,” says 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.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
