PHCS News

PHCS has retained BlueGate Partners to advise on the sale of the Witherspoon Campus of UMCP

Dec 13, 2010

Princeton, NJ (December 13, 2010) - Princeton HealthCare System ("PHCS") has retained BlueGate Partners, LLC ("BlueGate") on an exclusive basis to arrange the sale of its Witherspoon Campus of the University Medical Center at Princeton, located at 253 Witherspoon Street in Princeton, NJ.

The 9.8-acre property, located in downtown Princeton, has zoning approval for up to 280 residential units and approximately 79,000 square feet of retail and commercial uses. "The redevelopment of this uniquely located property represents an once-in-a-lifetime opportunity," stated Mark DeLillo, Managing Partner of BlueGate. The property is within walking distance of Princeton Borough and Township's many shops and restaurants, as well as Princeton University and numerous other community amenities, including the Princeton Public Library, Community Park Elementary School, Princeton High School, Princeton Recreation Center, the Arts Council of Princeton, and Community Park and the variety of retail and historic attractions along Nassau Street and Palmer Square.

The property currently consists of approximately one-half million square feet of improvements, including the main hospital and ancillary medical buildings. "In addition to the current infrastructure, a considerable benefit of the property is the existing 3-story, 741-space parking structure which will significantly reduce development costs," added Mr. DeLillo.

"The property is situated within a 75-mile radius of 10% of the US population," stated Eric Bylin, Managing Partner of BlueGate. "We anticipate strong demand for the asset given its strategic Northeast location with excellent rail and highway access to major US cities such as New York and Philadelphia. Also, the regional economy has survived the economic slowdown better than other areas due to broad exposure to healthcare, education and professional services. "

PHCS is currently constructing a state-of-the-art hospital on a 171-acre health campus 2.5 miles from downtown Princeton and bounded by Route One, Scudders Mill and Plainsboro Roads in Plainsboro. The new hospital, University Medical Center of Princeton at Plainsboro, will be a dynamic center of medicine and technology, comfort and compassion, disease prevention and education. The Plainsboro Health Campus will be the site not only of the hospital, but also of a range of health and wellness facilities, including: Merwick Care & Rehabilitation Center; medical office buildings; fitness center; senior independent housing; assisted living complex; and Children's Hospital of Philadelphia ambulatory care center.
 
PHCS is a leading provider of healthcare services, recognized nationally as a Top Hospital for patient safety and quality by the Leapfrog Group in 2008, 2009 and 2010. The respected not-for-profit community health system provides acute care, behavioral health, rehabilitation, home care, fitness and wellness and outpatient surgical services. UMCP is a teaching hospital affiliate of the University of Medicine and Dentistry of New Jersey - Robert Wood Johnson Medical School and a clinical research affiliate of The Cancer Institute of New Jersey.

BlueGate is a boutique real estate advisory firm headquartered in New York City, offering services in the areas of investment sales, portfolio and property financing, advisory services and raising capital for real estate projects. In their capacity as real estate advisors and intermediaries, BlueGate team members have contributed to approximately $20 billion in commercial real estate assignments over their careers.

For additional information regarding the Witherspoon Campus opportunity, please contact Mark DeLillo at 212.381.7612 or mdelillo@bluegatepartners.com.