San Francisco, CA (October 24, 2023) — Newmark1 announces that San Joaquin Valley Healthcare Campus, a fully-entitled hospital and medical office development site encompassing approximately 42.4 acres in Stockton, California, has launched to market.
Newmark Executive Managing Director Garth Hogan, Senior Managing Directors Mike Zylstra and Justin Grilli are the exclusive advisors of the listing on behalf of pioneering physician leaders in women’s health Gill Capital Group and doctors Jasbir and Param Gill, who secured the entitlements for the integrated hospital campus. San Joaquin Valley Healthcare Campus is the first greenfield hospital entitlement in over 60 years in San Joaquin County, a burgeoning Central Valley region of over 800,000 residents.
With approvals in place for an acute care hospital up to 150 beds, the property can accommodate an extensive suite of services in a single location, including potential Level III Trauma designation, an Emergency Room with helipad services, a Birthing Center, advanced imaging, comprehensive laboratory services and an Ambulatory Surgery Center. Additionally, there is an opportunity to develop a two-story, 60,000-square-foot medical office building on the campus. The new hospital campus site is strategically situated in the growth corridor between Stockton and Lodi, allowing enhanced EMS access for rapidly expanding residential communities.
“The San Joaquin Valley Healthcare Campus is a game-changer for healthcare in Stockton and the surrounding area,” said Hogan. “The demand for hospital beds and comprehensive healthcare services is at an all-time high, and this project is uniquely positioned to address this pressing need, representing a significant investment opportunity in the healthcare commercial real estate market in Stockton.”
Leaders of Gill OB/GYN, the largest provider of women’s health services in the Stockton-Lodi area, Dr. Jasbir Gill, a former President of the San Joaquin Medical Society, and his wife Dr. Param Gill commented: “Our family is proud to champion critically needed new healthcare infrastructure for the people of San Joaquin County, a community that has given us so much. The San Joaquin Valley Healthcare campus will alleviate profound deficits in women’s healthcare and lengthy emergency room wait times, while providing the modern, fully integrated healthcare experience that our fellow residents deserve.”
“This new hospital campus represents hope, healing and increased access to healthcare services for Stockton residents,” said Mayor Kevin Lincoln of Stockton. “Our community has grown rapidly over the past 10 years, and our need for expanded medical services has grown with us. The San Joaquin Valley Healthcare campus will be a vital part of our growing healthcare ecosystem in Stockton and San Joaquin County.”
San Joaquin County currently faces a shortage of hospital beds, falling approximately 40% below the national average, with only 1.4 beds per 1,000 residents compared to the U.S. average of 2.4 beds per 1,000 people, according to Newmark Research. The project is a major step towards bridging that gap and ensuring the well-being of the local community.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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