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.
John Simone Realty, 101 Federal City Road C-101, Lawrenceville. 609-882-1105. www.simonerealty.com.
