CHA acquires E. Hanover building for $5M

By Emily Bader
East Hanover | Mar 22, 2018 at 1:32 pm

Transwestern announced Thursday it has represented Community Healthcare Associates in the $5 million acquisition of an 80,807-square-foot office building in East Hanover.

Leslie Meril, vice president at Transwestern, represented CHA, a Bloomfield-based company that specializes in redeveloping custom-built medical arts complexes and office suites.

The new owner of the building at 1 S. Ridgedale Ave. plans to redevelop the property into a skilled nursing and rehabilitation center.

“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,” said 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.”

The building was acquired from Novartis, a pharmaceutical giant. Novartis was represented by Steven Schultz, executive managing director of Newmark Knight Frank.

“The repositioning of conventional office space for medical uses is a complex process that requires considerable expertise,” said 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 health care.”

Eric Strauss | estrauss@roi-nj.com | acerimrat