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.