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28 FEBRUARY 2020
PROJECT UPDATES
fruition,” said Jon F. Hanson, founder and chairman of The Hampshire Cos. “Through
creating a home
for a wide array
of in-demand
primary and
specialty health
care services,
this project
stands as a
testament to
the powerful impact that responsible, strategic commercial real estate investments can make in our local communities.”
Hanson and James E. Hanson II, the firm’s CEO and president, were among those on hand from the Morristown- based development team. The
latter recounted Hampshire’s deep experience with building medical office space and the company’s longstanding ties to Hackensack University Medical Center, the health care network’s flagship hospital.
He also noted the complexity of developing a property that straddles two municipalities, but said local officials on both sides provided much- needed support to the project. The building also represented a successful collaboration between a development team and a hospital network, which Jeff Sica of Circle Squared Alternative Investments highlighted in his own remarks.
“When we see a finished project like this, we
realize that there’s going be a lot of lives saved, there’s going to be a lot of
BUILT TO SERVE
DEVELOPERS, HOSPITAL LEADERS DEBUT MEDICAL OFFICE BUILDING IN ESSEX COUNTY
people helped,” said Sica, CEO and president, whose firm served as project investment adviser for the development. “There’s going to be a tremendous
A new medical office building has opened its doors in suburban Essex County, allowing for the expansion of services at the adjacent Mountainside Medical Center and cementing a
new investment opportunity for the development team behind the project.
The developer, The Hampshire Cos., along with Circle Squared Alternative Investments, joined leaders from Hackensack Meridian Health on Jan. 9 to unveil the three-story complex. Located at 1 Bay Ave. on the border of Glen Ridge and Montclair, the 45,735-square-foot facility provides modern, flexible spaces for a host of
specialty groups affiliated with the hospital and its parent organization, allowing both to attract top doctors and practices.
In the process, the project has redeveloped the former site of the hospital’s nursing school.
“As I stand next to this completed building, we are honored to have
had the opportunity to partner
with Hackensack Meridian Health’s executive leadership team, the towns of Glen Ridge and Montclair, and the numerous project partners involved in bringing this visionary project to
Jon F. Hanson
Jeff Sica
The Hampshire Cos., with Circle Squared Alternative Investments serving as project investment adviser, recently delivered a 45,735-square-foot medical office building in Glen Ridge.
impact on this community, so we’re just thrilled to be a part of it.”
Hackensack Meridian Health operates Mountainside Medical Center
under a joint venture with Ardent Health Services, a Nashville-based organization. Their new medical office building will house specialty groups such as obstetrics and gynecology, internal medicine, family medicine, urology, general surgery, cardiology and a host of others.
Those groups will benefit from a location that is easily accessible
from the Garden State Parkway and Interstate 280, along with NJ Transit’s Bay Street and Walnut Street stations. The site also includes 229 parking spots and entrances on both Bay Avenue and Walnut Crescent.
“More and more health care is being delivered outside the four walls of
the hospital,” said Robert C. Garrett, CEO of Hackensack Meridian Health. “And more projects like this one, more ambulatory care sites, are going to
be what’s really needed to provide the best possible quality health care, giving patients the best access to care that they can possibly can ... but also making health care more affordable.”
development firm took control of the property last year, according to a news release. RMS is now making its first foray into New Jersey, following more than 20 years of developing in Connecticut, with a pipeline of 1,500 rental units across the metro New York and Connecticut area, along with a 94-room luxury boutique hotel in downtown Stamford.
In announcing its approval, the firm noted that 23 of the 153 apartments at 1255 Magie Ave. will be reserved for low- and moderate income renters. Amenities will include an in-ground pool, a fitness center, on demand yoga and spin classes, a lounge and mediation room with a Himalayan salt wall, among other offerings.
UNION RENTAL PROJECT SECURES KEY APPROVAL
A developer is one step closer to breaking ground on its first New Jersey project, a 153-unit apartment
complex in Union that recently won approval from the township’s planning board.
RMS Cos., which is based in Stamford, Connecticut, said it was eyeing a groundbreaking by midyear for the project at 1255 Magie Ave.
Plans call for a mix of one-, two- and three-bedroom apartments and a host of upscale amenities, in a project that would redevelop a long- vacant salt factory property near the Roselle Park border.
The multifamily and boutique hotel
A rendering of a 153-unit luxury apartment project at 1255 Magie Ave. in Union
Courtesy: RMS Cos. Photo by Aaron Houston/Courtesy: The Hampshire Cos.