Sign In
Free Newsletter
Moorestown-based Tabula Rasa HealthCare Corp. announced that a multistate Program of All-Inclusive Care for the Elderly, or PACE, provider, has signed a three-year agreement for medication care management services.Under the agreement, TRHC will provide medication care management services and science-driven, reminder-packaging pharmacy services for PACE participants.
“TRHC continues to advance the practice and science of medication risk mitigation through our personalized medicine approach,” chairman and CEO Calvin H. Knowlton, said in a prepared statement. “We are pleased to have formalized the collaboration with this organization with the goal of optimizing outcomes for these frail-elderly individuals.”
Financial terms of the agreement were not disclosed.
Tag: South Jersey
NJBIZ stories taking place in and involving South Jersey businesses, companies and business news.
Failed Salem County bank finds a new owner, with branches remaining open
A North Carolina-based bank will take over a shuttered Pennsville-based institution, according to the New Jersey Department of Banking and Insurance.DOBI said Friday that it closed Harvest Community Bank and appointed the Federal Deposit Insurance Corp. as receiver. The FDIC, in turn, entered into a so-called “All Deposit, Whole Bank Purchase and Assumption” agreement with First Citizens BancShares Inc., based in Raleigh, North Carolina.
First Citizens BancShares, parent of First Citizens Bank, will assume Harvest Community Bank’s deposits, and customers will not experience any interruption in service, according to DOBI.
“This transaction will be completely seamless to customers with no interruption of services,” DOBI Commissioner Richard J. Badolato said in a prepared statement.
First Citizens said Harvest’s branches began operating Saturday as Harvest Community Bank, a division of First Citizens Bank & Trust Co.
“We welcome the customers of Harvest Community Bank to First Citizens,” Frank B. Holding Jr., chairman and CEO of First Citizens Bank, said in a statement. “We have more than a century of serving the financial needs of our customers, and we’re a bank people trust for delivering an exceptional banking experience.
“This agreement continues our company’s growth through mergers and acquisitions, and we look forward to a smooth transition in New Jersey.”
Harvest Community Bank opened in 2000, DOBI said, and had both its Pennsville headquarters and three additional Salem County branches, in Pilesgrove-Woodstown, Elmer and Salem. As of Sept. 30, it had about $126.4 million in assets and $123.8 million in deposits.
First Citizens was founded in 1898 and has total assets of nearly $33 billion. The takeover represents its first New Jersey presence.
Gramercy Property acquires building in Swedesboro
Colliers International announced Friday that it brokered the sale of a 197,500-square-foot property in Swedesboro. Colliers International represented the private, undisclosed owner in the deal.According to a news release, Gramercy Property acquired the property in Swedesboro, along with a 195,000-square-foot asset in Fairfield, Ohio, for $25.15 million. Both properties are leased to Heritage Bag Company.
“Our client and Gramercy worked together efficiently to execute a seamless transaction before the end of the year,” said Colliers International Senior Vice President Dennis Mitchell.
Mitchell, Matt Wirth, Steve Timmel, John Gartner and Marc Isdaner represented the seller. Gramercy Property Trust was not represented.
F. Greek to develop industrial park with Advance at Logan Twp. site
F. Greek Development has purchased a 415-acre site in Logan Township from Bridgeport Disposal LLC, Cushman & Wakefield announced Thursday.The development site, located at 2858 U.S. Route 322 in Logan Township, was sold for $12 million. East Brunswick-based F. Greek Development said it intends to develop a 3 million-square-foot industrial park on the site.
“We believe this location is the best in the market, and we sought to capitalize on a fantastic opportunity to purchase a large-scale site in a region that is quickly evolving,” David Greek, who handles new development and acquisitions for F. Greek Development, said in a prepared statement. “Philadelphia is evolving as a distribution destination, and as the southern New Jersey submarket becomes more institutionalized, there is a growing need for modern Class A space in a range of sizes.
“We consider this a long-term generational asset, a perspective that differentiated us from other potential buyers. We are excited to develop this property with longtime partner Advance Realty.”
Cushman & Wakefield’s Matthew Marshall, managing director, Jeffrey Williams, managing director in Philadelphia, Timothy Cahill, director in Chicago, and Rory Murray, executive vice president in Boston, represented the seller. The buyer was represented in-house.
“(Cushman & Wakefield) did an excellent job executing this transaction,” said Bryan Girts, Bridgeport Disposal’s vice president of real estate.
The site is located on the corridor between New York City and Washington, D.C., and offers direct access to Interstate 295, Route 322 and the New Jersey Turnpike.
Cushman & Wakefield’s Philadelphia office will assist in marketing the new Logan Industrial Park Class A distribution space.
Booker, Menendez to speak at N.J. Chamber ‘Walk to Washington’ dinner event
New Jersey’s two Democratic U.S. Sens. Cory Booker and Bob Menendez will each speak next month at a congressional dinner event in Washington, D.C., hosted by the New Jersey Chamber of Commerce, NJBIZ has learned.The Feb. 16 dinner is part of the Chamber’s annual “Walk to Washington” event, a two-day event featuring a chartered Amtrak train that takes politicians and members of the business community from several points in New Jersey to the nation’s capital, making stops along the way in Philadelphia and Wilmington, Delaware. In Washington, guests attend the congressional dinner at the Marriott Wardman Park Hotel before retiring to the Garden State the following morning on another chartered train.
Both senators have been particularly active this week in Washington, with Booker making national headlines for breaking historic precedent and testifying against his colleague and President-elect Donald Trump’s attorney general pick, U.S. Sen. Jeff Sessions (R-Ala.), during a Senate confirmation hearing Wednesday.
Menendez, who spoke during last year’s “Walk to Washington” dinner, also grilled Trump’s Secretary of State selection, former ExxonMobil CEO Rex Tillerson, this week during a hearing before the Senate Foreign Relations Committee.
“The climate in D.C. and the upcoming gubernatorial election is going to add new levels of intrigue to this year’s Walk to Washington,” said Chamber communications manager Scott Goldstein. “There will be no shortage of things to talk about and no shortage of issues to tackle.”
During this year’s event, now entering its 80th year, the Chamber will also present its annual business leadership award to Amtrak board of directors chair Tony Coscia.
The Interview issue Angela Snyder #8212 Banking on the future of New Jersey
Angela Snyder wants you to know a few things. First off, the CEO and chair of Fulton Bank, who serves as the chairwoman of the New Jersey Bankers Association, is a Jersey-first kind of person.
Women vastly underrepresented in N.J.’s elected offices
President Obama effectively delivered a call to action on Tuesday as he gave his farewell address in Chicago.“It falls to each of us to be those anxious, jealous guardians of our democracy,” he said. “Embrace the joyous task we have been given to continually try to improve this great nation of ours because, for all our outward differences, we in fact all share the same proud type, the most important office in a democracy: citizen.
“That is what our democracy demands. It needs you, not just when there is an election, not just when your own narrow interests are at stake, but over the full span of a lifetime.
“If you are tired of arguing with strangers on the Internet, try talking with one of them in real life. If something needs fixing, then lace up your shoes and do some organizing. If you’re disappointed by your elected officials, grab a clip board, get some signatures, and run for office yourself.
“Show up. Dive in. Stay at it.”
Listen up, Garden State gals. Because while research shows that women in government make for the creation of more transparent, inclusive and accessible public policies, we are not yet doing what our President has asked of us.
According to year-end data from the Center for American Women and Politics, a unit of the Eagleton Institute of Politics at Rutgers University in New Brunswick, women represent very little of those in New Jersey’s county and municipal elected offices.
There are 21 counties in New Jersey.
Just seven (Bergen, Morris, Burlington, Cape May, Monmouth and Union) counties currently have more than one-third women freeholders, with Essex County in the lead at 44 percent.
Sussex and Warren counties do not have any women on their freeholder boards.
Just five (Mercer, Sussex, Union, and Burlington) counties currently have more than 20 percent female mayors serving their counties, with Hunterdon County in the lead at 27 percent.
Morris County has less than 3 percent female mayors, while Cumberland County has zero.
And finally, just five (Union, Camden, Hudson, Middlesex and Cape May) counties have over a quarter of women city or town council members, with Mercer County being the only county to have more than one-third.
Women comprise less than 15 percent of city or town council seats in both Atlantic and Cumberland counties.
“New Jersey has made significant strides in recent years at the state legislative level, where we’re now 11th in the country for women’s representation,” Jean Sinzdak, associate director of CAWP, said. “Unfortunately, in most counties, women lag far behind. Where county party chairs hold the keys to ballot lines, they have the power to position women to win and create government that better reflects the population.”
CAWP seeks to change that with Ready to Run New Jersey, a conference held on March 10and 11 at Rutgers University in New Brunswick.
Ready to Run is a national network of non-partisan campaign training programs committed to electing more women to public office and encouraging more women to become more actively involved in political issues.
For the past 18 years, Ready to Run New Jersey has trained over 2,500 women to become public leaders in the state by covering how to raise campaign funds, position oneself for elected office, navigate the political party structure, launch and organize a campaign, reach and mobilize voters, and craft an appropriate and inspiring message for both print and public speaking.
Its conference in March will feature ample networking opportunities and educational roundtables, as well as interactive media training for television and public appearances and information on digital and social media outreach; campaign development; public board or commission appointments; building political relationships to gain party support; legislative advocacy; the cultivation of media relationships; recruiting and motivating a finance committee; and more.
Speakers and educators will include Tara Dowdell, founder of the Tara Dowdell Group; Lizette Delgado-Polanco, vice chair of the New Jersey Democratic State Committee; Christine Jahnke, founder of Positive Communications; Candace L. Straight, former co-chair of the New Jersey Republican State Committee; Senator Loretta Weinberg, majority leader, New Jersey Senate; and Jeannine LaRue, Kaufman Zita Group.
Ready to Run New Jersey will also host Diversity Initiative programs on Friday, March 10 in hopes of increasing the participation of women of color in state politics.
Women everywhere can start sooner by participating in the Women’s March on New Jersey next Saturday, January 21st, from 10am to 1pm. Beginning at the War Memorial in Trenton, the rally will be held in solidarity with the marchers in Washington, D.C. and at the over 170 sister marches being held nationwide and globally to collectively send the message that all civil and human rights are to be upheld and protected by the U.S. government. Attendees are encouraged to wear purple as a symbol of dignity and unity once chosen by the suffragists in both England and America.
As President Obama said on Tuesday: “Change only happens when ordinary people get involved, and they get engaged, and they come together to demand it.”
See you there.
Deloitte appoints N.J. managing partner
Deloitte, an audit, tax and advisory services firm, announced recently it has named Paul Krieger New Jersey managing partner.Krieger, a partner at Deloitte & Touche LLP, was named to the role on Dec. 1, 2016, succeeding Joe Welter. Welter is retiring in June.
In this role, Krieger will be responsible for driving client and business growth, as well as head the direction of the firm’s New Jersey market activities.
“I am grateful and honored to be asked to serve our professionals and clients in the New Jersey market,” Krieger said in a prepared statement. “I am looking forward to this exciting new role and to continue growing and developing our work in this region.”
Krieger joined Deloitte’s audit practice in 1990. He then was named to the partnership in 2002.
“Paul brings an impressive record of accomplishment and dedication to serving clients across the tri-state region,” Welter said in a prepared statement. “I am confident that he will continue to build and grow our New Jersey practice while providing valuable and distinctive client service.”
Virtua Health’s CEO retiring at year-end after 21 years leading system
Virtua Health’s CEO Richard Miller announced he will be retiring at the end of this year.Miller has been with the organization for 30 years, and at the helm for 21.
The board is currently searching for a new CEO.
“I’ve been privileged to lead one of the region’s greatest health care teams, with people who are dedicated to compassionate healing and outstanding customer service,” Miller said in a statement Wednesday. “The time has come for me to pass the baton to the next generation of leaders, and I will take great pride in watching the organization continue to fulfill its mission of helping people be well, get well and stay well.”
Current board Chairman Dennis Flanagan credited Miller with creating the merger of West Jersey Health System and Memorial Health Alliance in 1998 to form Virtua.
“Since then, Virtua has become a leader in the region, delivering quality health care and bringing innovative programs and services to the communities it serves. He has built an outstanding leadership team that will continue to fulfill the organization’s mission,” Flanagan said.
Miller began as vice president of finance in 1986 and served in several other roles before being named CEO and president in 1996.
Miller has been recognized nationally with appointments to the Leadership Advisory Council of the Joint Commission Center for Transforming Healthcare and to the Governing Council of Healthcare Executives for the American Hospital Association, according to a statement, and he is a fellow of the American College of Healthcare Executives and served as a trustee of the National Quality Forum.
Deerfield Twp. produce supplier approved for 28M in EDA incentives to expand
F & S Produce Co. Inc., a Deerfield Township-based supplier of produce and refrigerated prepared foods, received approval Tuesday from the state Economic Development Authority for a 10-year, $28.1 million Grow New Jersey award to expand in Cumberland County.According to the EDA, F & S employs nearly 600 workers between its two 60,000-square-foot processing plants in the Rosenhayn section of Deerfield, where a proposed new 100,000-square-foot facility would retain 380 employees and create 60 additional full-time jobs.
The new plant would include a USDA-approved prepared meal assembly area and allow F & S to process fruits and vegetables at the same location while also cooking meats and grains on site.
The company is said to also be alternatively considering a 94,026-square-foot facility for purchase in Allentown, Pennsylvania.
The EDA estimates that the project would yield a net benefit to the state of approximately $100 million over a 30-year period.
Also receiving approval Tuesday from the EDA was Jamaica, New York-based New Classic Cooking LLC for a 10-year, $8.25 million Grow New Jersey award to relocate its manufacturing operations to a 33,000-square-foot facility in Woodbridge Township.
The company, a food product manufacturer and distributor that specializes in Kosher and vegetable-based items, would look to bring 72 employees from Jamaica to Woodbridge, in addition to creating another 38 full-time positions.
New Classic Cooking is also eyeing a 26,000-square-foot building in Brooklyn, according to the EDA.
The Woodbridge project is estimated to yield a net benefit of $20.2 million to the state over 20 years.
Marlin Business Services hires chief credit officer
Marlin Business Services Corp., a Mount Laurel-based provider of credit products and services, has named a new chief credit officer, it said Tuesday.Louis E. Maslowe will also serve as a senior vice president with the company, managing all of its underwriting practices, policies, procedures, risk appetite and credit risk management, the company said in a news release.
He will report to CEO and President Jeffrey Hilzinger.
“Given the breadth and depth of Lou’s experience in credit and risk management, he has the ideal background to lead Marlin’s credit function into the future,” Hilzinger said in a prepared statement. “Lou has experience across multiple commercial finance products, including significant experience in all aspects of equipment finance, so we’re delighted to have him join Marlin’s senior leadership team.”
Maslowe has more than 30 years of experience in credit and commercial finance, including serving in a number of executive roles with DLL. Most recently, he was that company’s senior vice president and chief risk officer for the Americas.
Marlin focuses on small businesses, including providing equipment services.
S. Jersey commercial real estate market continues to be promising, report finds
In the wake of the U.S. presidential election and the United Kingdom’s vote to leave the European Union, the southern New Jersey commercial real estate market continues to shows strength, a report by Wolf Commercial Real Estate found.The WCRE report said roughly 400,000 square feet of new leases and renewals were executed in Burlington, Camden and Gloucester counties, which comprised a total increase of 6.5 percent from the third quarter.
“We see the potential for tremendous performance by the market, and good economic news has been easy to find this quarter. But still, we didn’t see many bold, decisive transactions as 2016 gave way to 2017,” WCRE founder and Managing Principal Jason Wolf said in a news release.
Overall vacancy in the market for the region is now approximately 10.9 percent, according to the report, and average rental cost for class A and B spaces remained unchanged from Q2 and Q3.