Atlantic Health System makes full investment in Rockaway, NJ; Buys Health Pavilion building for nearly $26 million

Trish O'Keefe

ROCKAWAY, NJ –– Atlantic Health System, a leading health care provider in New Jersey, recently purchased the building and property housing the Morristown Medical Center Health Pavilion in Rockaway, underscoring both its full investment in the facility, as well as its full commitment to the community.

Paul Marmora

The Pavilion, opened in 2016, offers several of Morristown Medical Center’s nationally-recognized services in a location more convenient for people from Mount Arlington, Denville, Dover, Boonton, Morris Plains, Wharton, Roxbury and Randolph.

The location is also convenient for people commuting through the town, as it offers early/late hours and an easily accessible location from major highways.

The $25.9 million sale of the 92,326-square-foot building located at 333 Mount Hope Avenue next to the Rockaway Town Square Mall was closed by JLL.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Jose Cruz and Director Ben Appel.

                   Jose Cruz

Atlantic Health System had been the sole tenant of the building, which is situated on 8.28 acres. 

When the joint owners opted to sell the building, Atlantic Health System bested offers from 19 other potential buyers, seeing great value in owning the building outright to expand its services and meet the health needs of the community.

The numerous services included in the Pavilion provide care to more than 11,000 patients per month. Atlantic Health System plans to add an ambulatory surgery center and more exam rooms for expanded services in the coming months.

“With an already strong demand from the community at the Pavilion at Rockaway, we decided to fully invest in the location, allowing us free rein to enhance the services there to better meet the needs of our patients,” said Paul Marmora, Vice President, Ambulatory Care for Atlantic Health System.

Ben Appel

“Since it opened in 2016, the Health Pavilion has seen incredible growth, which speaks to the demand for Morristown Medical Center’s nationally recognized programs and services in the Rockaway area,” said Trish O’Keefe, PhD, RN, president of Morristown Medical Center.

“We continue to work with the community to deeply understand its unique health needs, and, with full ownership of the building, we can expand and enhance our services to best meet those needs.”

CONTACTS:

Kimberly Steele

Digital Content/PR Specialist

JLL Capital Markets

9 Greenway Plaza, Suite 700

Houston, TX  77046

T +1 713 852 3420

Kimberly.Steele@am.jll.com

 Rob Seman

Telephone   973-660-3145

Email   robert.seman@atlantichealth.org

atlantichealth.org.

 us.jll.com/capitalmarkets

Camille Renshaw named one of New York Real Estate Journal’s 2019 Women in Real Estate

Camille Renshaw

NEW YORK, NY, Sept. 17, 2019 – Camille Renshaw, Chief Executive Officer of B+E, is one of the New York Real Estate Journal’s “2019 Women in Real Estate.”

The annual honor recognizes achievements by women engaged in specialized industries including 1031 Exchange, Commercial Brokerage and Commercial Mortgage Lending.

Launched by Renshaw and her cofounder Scott Scurich in December 2017, B+E is a modern investment brokerage firm, specializing in net lease real estate and 1031 exchange. 

 Scott Scurich

 With offices in New York, Chicago, San Francisco, Atlanta and Tampa, B+E boasts the first NNN trading platform consisting of user-friendly dashboards, real-time predictive pricing and an AI-driven exchange -- all leveraging the largest data set in the NNN industry.

Contact:

John Vita

John Steven Vita Communications

John.vita@jsvcom.com

847/853-8283

JLL arranges $53 million bridge loan for Chelsea Square in Manhattan, NY

Kristen Knapp

NEW YORK, NY – JLL announced  it has arranged a $53 million bridge loan for Chelsea Square, a 113,629-square-foot, boutique office property in the Penn Plaza submarket of Manhattan.

JLL worked on behalf of the borrower, HSP Real Estate Group, to secure the three-year financing through Ladder Capital.   

Chelsea Square is located at 251 West 30^th Street between 7^th and 8^th Avenues at the intersection of the Chelsea, NoMad and Hudson Yards neighborhoods.  

Christopher Peck

The location places the property within steps of New York Penn Station, Madison Square Garden, The Shops at Hudson Yards and several luxury rental properties such as Abington Houston, One Hudson Yards, The Eugene and The Lewis. 

 In addition, the property has unparalleled transit connectivity with immediate access to 14 subway lines, as well as the PATH, NJ Transit, the Long Island Rail Road and Amtrak. 

Originally built in 1927, Chelsea Square was significantly renovated in 2017 and features flexible, boutique floorplates ranging from 5,000 to 8,000 square feet, exposed ceilings, polished concrete floors and outdoor terraces on select floors.  

Peter Rotchford 

The property also offers tenants a collaborative 2,250-square-foot amenity area where tenants with barista bar, lounge seating separate meditation/yoga room and bathrooms with showers.

The JLL Capital Markets team representing the borrower was led by Managing Director Christopher Peck, Senior Director Peter Rotchford and Associate Kristen Knapp.

Chelsea Square is located at 251 West 30^th Street
between 7^th and 8^th Avenues at the intersection
of the Chelsea, NoMad and
Hudson Yards neighborhoods.  

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Contact:

 Kristen Murphy, JLL Director, Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com