Lee & Associates on March 9 announced it arranged a 140,000-square-foot build-to-suit for a new medical center in Totowa on behalf of St. Joseph’s Health. St. Joseph’s will occupy the custom facility under a 15-year lease. CHA Partners is the land owner and master developer of the entire site. Financial terms were not disclosed.
The Lee NJ team of Peter Rasmusson, Joe Tornen, Jason Lynch, and Bryan Lynch represented St. Joseph’s in the transaction, further expanding St. Joseph’s health care footprint. Lee NJ is the exclusive real estate advisors for St. Joseph’s.
CHA Partners, led by its Managing Partner, Bill Colgan, is one of the Tri-State’s leading health care real estate development firms. With a portfolio of over three million square feet, CHA has successfully positioned itself as the go-to source for the design, development and construction of health care-related real estate projects, resulting in the creation of jobs, tax ratables, and community-based health care services.
“In each of the communities in which we are involved, our primary goal is to promote the provision of top-quality health care facilities and services,” Colgan said. “We value St. Joseph’s trust in CHA’s ability to deliver a best-in-class medical center that will fulfill the collective goals of St. Joseph’s, CHA and the Borough of Totowa.”
Located at 169 Minnisink Road near Interstate 80, the ground-up development project is unfolding in two phases. The first phase, a new 70,000-square-foot center, is expected to deliver in the fourth quarter of 2021. The second phase, which is also under construction, is expected to deliver in the second quarter of 2022.
“We are proud to have arranged this significant new addition to St. Joseph’s New Jersey health care footprint,” Rasmusson said. “As St. Joseph’s exclusive real estate advisor, we worked with them in lockstep from concept to construction as they prepare to occupy the new state-of-the-art facility. Health care centers throughout the state are more important than ever, and it is important to St. Joseph’s that they work with a real estate advisory team that specializes in this critical, specialized sector.”