The Hampshire Companies, a full service, private real estate investment firm, along with joint venture partners, Normandy Real Estate Partners and MRY Associates announced the sale of a 40-acre parcel of land at Giralda Farms, a 300-acre corporate park in Madison, N.J., to Atlantic Health and Kindred Healthcare, Inc.
Atlantic Health, one of the largest non-profit health care systems in the state, in partnership with Kindred Healthcare Inc. of Louisville, Kentucky, will be constructing a 46,000-square foot, 38-bed inpatient rehabilitation facility on the newly purchased site. The rehabilitation center will serve patients suffering from a wide range of conditions including stroke and brain injuries, neurological disorders and spinal cord injuries. The facility represents phase one in Atlantic Health’s plans to develop the land as a campus for health services. Atlantic Health is projected to break ground on the facility in the first quarter of 2018.
Giralda Farms is less than five miles from Morristown Medical Center, one of the largest hospitals in the Atlantic Health system, and boasts proximity to Interstates 80 and 287 as well as Routes 24 and 124. The 40-acre parcel represents the last developable piece of land available in the park-like campus that was created from the former estate of philanthropist Geraldine Rockefeller Dodge. The joint venture between The Hampshire Companies, Normandy Real Estate Partners and MRY Associates had acquired the land in 2015.
“Three years ago, we acquired the last remaining development site within Giralda Farms. In pursuit of this development, we promised to undertake the highest standard of planning in order to envision a development that would benefit the community for generations to come,” said James E. Hanson II, President and CEO of The Hampshire Companies. “Early in the process, we partially filled this promise by creating 136 acres of preserved greenspace adjacent to the property. Today, we are completing our promise by turning over its future stewardship to Atlantic Health System. We are honored to have played a role in attracting the largest employer in the county to this site where they will build a world class facility to serve our community.”
To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow Hampshire on Facebook (www.facebook.com/hampshireco), Twitter (@hampshireco), and LinkedIn (www.linkedin.com/company/the-hampshire-companies).
About The Hampshire Companies
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.
R&J Strategic Communications