On August 29 the firm of Simone Realty Inc., based in Lawrenceville, successfully closed the sale of the former Mercer Hospital located on Bellevue Avenue in Trenton to GLE Enterprises, LLC. The 200 plus-room hospital, part of a 600,000-square-foot campus, had been owned and operated by Capital Health Systems for decades but was no longer part of its operating plan due to the construction and opening of its new, state-of-the-art facility on Scotch Road in Hopewell. The land for the new Capital Health Systems hospital was also brokered by Simone Realty back in 2007.
John Simone Jr., Robert D. Loverro, and John R. Comp of Simone Realty were the commercial brokers who handled the transaction for the purchaser, GLE. The team, with a century of collective real estate brokerage experience, found this transaction as complex as they come.
“The deed restrictions that were put in place by Capital Health Systems, the competition with two brand new, state-of-the-art regional hospitals within five miles of the older campus, as well as the absence of any true medical feeder buildings in the near vicinity, created an opportunity that had to be keenly understood and evaluated,” says broker/owner John Simone Jr.
Fortunately, GLE was well aware of the challenges. “We believed early on that our client’s vision for a wellness center in Trenton would work quite well alongside two great new hospitals. In fact, the ongoing need that remains in Trenton should allow it to thrive,” added Robert D. Loverro.
The owners and brokers at Simone Realty are well aware that the project needs to be leased briskly, and this may require novel ways to reach new tenants that may or may not be in the market yet.
“No medical user, tenant or company is to be overlooked in attempting to fulfill the owner’s vision of a campus dedicated to the needs of the residents of Trenton. We expect to leverage the power of the commercial brokerage industry, the strong network that exists among the medical profession’s practitioners, as well the dedication of Mercer County elected officials and the governor’s office to assist us. Truly, this is an important project for the city of Trenton,” stated John R. Comp.
The project is off to a healthy start with several new tenants already executing letters of intent for portions of the buildings. On Tuesday, October 15, GLE will hold a ribbon cutting ceremony for the facility.
There's been a noticeable spike in commercial real estate business starting last fall, a trend that's continued into 2011 at Simone Realty.
And while most of Simone Realty's properties are completely full, there's a new 17,000 square foot building on Federal City Road with 5,000 square feet of sub-dividable space left. Simone can offer space as small as 1,700 square feet.
"This is a location with wide appeal," said owner John Simone. "It's right off I-95, close to the new Capital Health hospital complex, and there's plenty of free parking. The location is convenient to all parts of Mercer and Bucks counties. The two other buildings on the campus are completely leased with my offices, physicians' offices, and a sleep center."
Simone Realty also is seeking approval for an upscale detoxification facility at the site. Based on research conducted, Simone believes it is beneficial to the community and that the area is in dire need of this limited detox care.
"For medical patients who will receive detox services here, the program has an average stay of 5.8 days and targets private pay clients," Simone explained. "It's an initial drug and alcohol detox; clients are then referred to a full rehabilitation facility."
Managed by Sunrise Detox Centers, the program does not take clients with psychiatric issues, referrals from the criminal court system, or walk-ins. The property already is zoned for such use, but Simone is working with the community and the municipality to bring understanding about this important venture.
"People with addictions have been deemed handicapped under the Americans with Disabilities Act," Simone noted. "The patients who need this care are our family members, neighbors, co-workers and friends who otherwise would have to go out of state to get the help they need."
Simone Realty has a long history in providing medical office space in New Jersey. Its already fully rented properties comprise general medical practices, orthopaedic physicians, psychologists, spine and sports medicine, dentists, and other medical professionals. The company's mission is to offer maximum value possible by building the best organization and practicing the most efficient and effective processes conceivable. The fastest growing segment of Simone Realty's business is medical professionals, doctors, lawyers, and accountants, busy professionals who need someone to guide and manage their real estate endeavors so they can cater to their own clients.
Simone Realty is hands-on, and provides advisory services and project management solutions that are not readily available in other sectors of the commercial real estate market. For more information, call 609-882-1105 or visit them on the Web at www.simonerealty.com or email@example.com
Simone Realty, Inc. 100 Federal City Road, C-101, Lawrenceville. 609-882-1105. Fax 609-530-1037. www.simonereality.com