1 South Ridgedale Ave. in East Hanover — Courtesy: Transwestern
By Joshua Burd
A developer has acquired an 81,000-square-foot office building in East Hanover, with plans to renovate the property and reposition it as a skilled nursing and rehabilitation center.
The firm, CHA Partners, acquired the building at 1 South Ridgedale Ave. for $5 million, real estate services firm Transwestern said. The seller was the multinational pharmaceutical company Novartis, which had used it for general office purposes.
It will be among the latest projects for CHA, a Bloomfield-based firm that specializes in the redevelopment and revitalization of custom-built medical arts complexes and office suites.
“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,” Bill Colgan, managing partner of CHA, said in a prepared statement. “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.”
CHA since 2008 has repositioned and built new health care facilities in both New Jersey and New York, resulting in job creation and preservation of community-based health care. Those projects include repositioning 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 in Jersey City.
Transwestern Vice President Leslie Meril represented CHA in the East Hanover acquisition. Steven Schultz, executive managing director of Newmark Knight Frank, represented Novartis.
“The repositioning of conventional office space for medical uses is a complex process that requires considerable expertise,” Meril said. “The process is simplified when dealing with a company such as CHA, which has a first-class reputation in the world of community-based health care.”
