Project brings 45,375 square feet of state-of-the-art medical office space to Essex County
Glen Ridge and Montclair, N.J. (January 10, 2020) - A ribbon cutting ceremony was held on Thursday for a three-story, 45,735-square-foot state-of-the-art medical office building at the former School of Nursing site across from Hackensack Meridian Mountainside Medical Center on the border of Glen Ridge and Montclair, N.J. Developed by The Hampshire Companies with Circle Squared Alternative Investments (Circle Squared) serving as the project advisor, the modern medical office building is anchored by Hackensack Meridian. The project enhances the scope and quality of comprehensive healthcare services and brings additional economic and quality-of-life benefits to the communities Mountainside Medical Center serves.
Jon F. Hanson, James E. Hanson II, and John Durso from The Hampshire Companies and Jeff Sica of Circle Squared Alternative Investments were joined by top local and hospital officials to celebrate the milestone event including John Fromhold, FACHE, CEO of Mountainside Medical Center, Robert C. Garrett, CEO of Hackensack Meridian, , David Vandewater, CEO of Ardent Health Services, Frank Fekete, Chairman of the Hackensack Meridian Mountainside Medical Center Joint Venture Board, Tim O'Brien, COO of Mountainside Medical Center, and Glen Ridge Mayor Stuart K. Patrick.
The state-of-the-art facility will provide increased access to quality care for the community providing a home for a variety of Hackensack Meridian's specialty groups at Mountainside Medical Center including obstetrics and gynecology, internal medicine, family medicine, urology, general surgery, cardiology, orthopedics, ENT, pulmonary, GI, endocrinology, pediatrics and pediatric subspecialists from the John M. Sanzari Children's Hospital at Hackensack University Medical Center.
"As I stand next to this completed building, we are honored to have had the opportunity to partner with Hackensack Meridian's executive leadership team, the towns of Glen Ridge and Montclair, and the numerous project partners involved in bringing this visionary project to fruition," said Jon F. Hanson, Founder and Chairman of The Hampshire Companies. "Through creating a home for a wide array of in-demand primary and specialty healthcare services, this project stands as a testament to the powerful impact that responsible, strategic commercial real estate investments can make in our local communities."
"Circle Squared, and our investors, are incredibly proud and humbled to have had the opportunity to work with our partners on an important project such as this," said Jeff Sica, President and CEO of Circle Squared Alternative Investments. "There's incredible potential when combining the power of private, commercial real estate investment dollars with the forward-looking advancements and overall expansion needs of today's medical institutions. We're looking forward to future opportunities where we can continue to provide medical professionals with the state-of-the-art facilities they demand to help better meet the needs of their patients and the communities they serve."
Mountainside Medical Center, a Hackensack Meridian facility, has been an integral part of the local Glen Ridge and Montclair communities for over 125 years. The Medical Office Building project marks the next chapter in the hospital's storied history. Designed to meet the needs of 21st century health care providers, the Medical Office Building offers physicians and specialists with the high-quality, Class A office space they desire to build their practices and provide the best in class care to the local community. This project will also allow the hospital to continue to attract and retain the high-quality doctors and specialists that have made Mountainside Medical Center one of the area's top hospitals.
The project includes highly flexible and adaptable medical office units to provide physicians and specialists with spaces that can be conformed to their exact needs, both today and in the future. Featuring a location adjacent to Mountainside Medical Center, the new medical office building is easily accessible from the Garden State Parkway and Route 280 as well as the Bay Street and Walnut Street NJ Transit Stations. Additionally, 229 parking spots and entrances/exits on both Bay Avenue and Walnut Crescent ensure that patients can easily access the property.
"This project is intended to improve the community's access to quality care by providing extended office hours, free valet parking, and new full time specialists' practices, in areas such as rheumatology and otolaryngology, among others, which have been lacking due to insufficient quality office space," said John A. Fromhold, CEO at Mountainside Medical Center. "We are actively recruiting new providers to help fill in these gaps and expect an additional 25 providers practicing in the building over the next two years."
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
Circle Squared is a registered investment adviser with the Securities and Exchange Commission (SEC) and was founded in 2014 by Jeffrey Sica to work with a finite group of high net worth individuals and family office investors to help them find alternative market investments, primarily in private equity real estate deals. Led by a team with decades of experience, Circle Squared and its affiliates have been a joint venture member, consultant or otherwise involved with over $800,000,000 in real estate developments and transactions since its founding. The leadership of Circle Squared has been a part of the acquisition, or development of over 5,000 residential units throughout their careers. For more information on Circle Squared, visit www.circlesquaredalts.com.
The past performances of Circle Squared and its affiliates are not indicative of the future results of the Company, the Joint Venture or the Project. Registration does not imply a certain level of skill or training.
Mountainside Medical Center is part of Hackensack Meridian, the largest, most comprehensive and truly integrated health network in New Jersey, offering a complete range of medical services, innovative research and life enhancing care. Mountainside Medical Center has been serving Montclair and its surrounding New Jersey communities since 1891. The hospital provides patients immediate access to innovative and effective treatment alternatives at specialized centers within the hospital that focus on imaging, women's health, cancer care, surgery, obesity, stroke and chronic kidney disease. Mountainside Medical Center is designated as a Primary Stroke Center by the NJ State Department of Health and Senior Services and is one of only a few community hospitals licensed by the State to perform emergency cardiac angioplasty. To learn more about Mountainside Medical Center visit www.mountainsidehosp.com.