Vacant Hospital to be Redeveloped into Mixed-Use Complex
ELIZABETH, N.J. (August 3, 2015) – CBRE Group, Inc., New Jersey’s largest commercial real estate brokerage firm, announced today it has arranged the sale of the former site of the Elizabeth General Hospital in Elizabeth, N.J. The 350,000-square-foot former hospital spans a five-acre block and includes a parking structure with more than 500 spaces.
CBRE Capital Markets Investment Properties’ Charles Berger and Mark Silverman, in New Jersey, and Elli Klapper, in New York, along with CBRE’s Gil Medina, brokered the transaction. The team worked closely with the seller and the private, out-of-state, buyer.
The vacant hospital had been on the market for approximately 10 years, after Trinitas relocated the hospital to a new facility. Though it was a complex transaction due to environmental concerns – which were heavily investigated prior to closing – CBRE was able to close the sale in 90 days from start to finish. The buyer plans to redevelop the property into a multifamily and retail complex.
“The CBRE Tri-State Investment Properties team is one of the most active team of brokers in multifamily in the northern and central New Jersey markets, as well as in the overall Tri-State area, with this being our third sale of a vacant former hospital facility with plans for multifamily redevelopment,” said Mr. Klapper. “We are excited to have had the chance to collaborate with our colleague Gil Medina, who was instrumental in dealing with the various municipalities on a local and state level in order to bring this deal to fruition.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
