Rendina has completed the acquisition of a three-building, on-campus medical office portfolio totaling 128,006 square feet. The portfolio is on the campus of Clara Maass Medical Center (CMMC), a Barnabas Health facility in Belleville.
The acquisition allows Rendina to bring management and leasing expertise to the properties, and also provides Barnabas Health an additional source of capital in connection with the development of an 87,000 square foot expansion of CMMC, a construction project that will include a state-of-the-art ICU as well as a new hospital lobby and custom-designed physician office space. Site work, including an expansion of the existing parking garage, began in late September. Rendina will serve as the developer – the beginning of a long-term relationship that both Barnabas Health and Rendina believe will be highly beneficial to the surrounding community. In addition to handling management and leasing responsibilities, Rendina will also invest more than $2 million into the three newly acquired properties in the way of capital improvements and upgrades.
“Barnabas Health looks forward to a long and mutually beneficial partnership with Rendina,” says Jay Picerno, Chief Operating and Financial Officer of Barnabas Health. “We examined a number of potential partners for this transaction and quickly became confident that the Rendina team had the track record and expertise to complete this complex transaction in a timeframe and manner that would achieve our strategic objectives.”
“The acquisition of the Clara Maass medical office buildings along with the development of a project that will literally change the face of the medical center is just the beginning of a partnership with Barnabas Health that will create many successful facility solutions in the future,” says Steve Barry, Executive Vice President of Business Development & Leasing for Rendina.Related Articles: