N.J. renovation raises satisfaction
Rendina financed, developed, leases, owns and manages three-building complex
Facility name: Clara Maass Medical Center Medical Office Buildings
Address, City, State: 36 and 50 Newark Ave. and 5 Franklin Ave., Belleville, N.J.
Client: RWJBarnabas Health; multi-tenant, multi-specialty
Product type: MOB
Number of stories: Three (36 Newark), four (50 Newark) and five (5 Franklin)
Square footage: 128,006
Site acreage: 22.032
Parking: 565 surface spaces
Construction start date: January 2015
Construction complete date: Sept. 2016
Cost: $16,577,198 (acquisition) and $2.5 million capital expenditures
Owner: Rendina Healthcare Real Estate, Jupiter, Fla.
Major users/tenants: Orthopedics, cardiology, oncology, OB/GYN, imaging, primary care, etc.
Architect: Buckl Architects
Contractor: Hudson Inc.
Lender: Capital One
Broker/leasing agent, property manager and asset manager: Rendina
Clara Maass Medical Center (CMMC) needed to improve the condition of three medical office buildings (MOBs) on its campus in Belleville, N.J., to increase physician-tenants’ overall satisfaction. But rather than tackling the renovation job itself, CMMC hired experienced healthcare real estate firm Rendina Healthcare Real Estate to provide financing and manage the renovation.
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