February 18, 2010
WAYNE, NEW JERSEY - The Mainardi Management Co. today announced the acquisition of a new property by an affiliate of that company.
The property is the former Union Hospital building, located at 1000 Galloping Hill Avenue in the “Five Points” section of Union, New Jersey. The building is approximately 200,000 square feet in size, and operated as a hospital, most recently as an affiliate of St. Barnabas in Livingston, NJ, from 1962 until September of 2007, when it closed due to financial reasons.
The entity that purchased the property is a joint venture between members of the Mainardi family, and some of their business associates, and a company controlled by Andrew J. Piscatelli, III who has previously purchased and repositioned hospitals in Millville, South Amboy and Kearny, New Jersey.
Several tenants have already signed leases to occupy space in the building, which will be renamed Union Medical Park. Overlook Hospital, a division of Atlantic Health Services, will continue to operate an Emergency Room in the facility which will serve to feed its main location in Summit, NJ. The hospital is also leasing additional square footage for several outpatient programs. The local YMCA is leasing 19,000 square feet for its adult activities, and a newly formed surgery center will occupy approximately 20,000 square feet. Several other leases with local physicians have also been signed for smaller office space within the building.
Andrew Mainardi, III, President of Mainardi Management Co. was quoted as saying "Although our family has previously focused on retail real estate, the opportunity presented by this acquisition was just too great to pass up, while diversifying our property type is also in keeping with our strategic goals". Richard Mainardi, Jr., Vice-President added "We are very excited to be able to acquire such a well-placed asset at well below replacement cost."
Mainardi Management Co. is a family owned and operated real estate investment and management company based in Wayne, New Jersey. The Company currently manages 11 commercial properties totaling approximately 1.2 million square feet, located in New Jersey and New York.
For more information, contact the company at (973) 696-9265 or visit their website at www.mainardimanagement.com.