The Pennant Group will focus on home health, hospice and senior living businesses, while Ensign will continue to invest in the skilled nursing asset class.

"Clearly this is a pivotal event, not only for our company, but also for the competitive landscape in our region," says David Grove, managing director at Lee & Associates.

Court Plaza North is one of three buildings that make up Court Plaza, a 335,000-square-foot Class-A office complex located at 19/21/25 Main St. in Hackensack.

The new initiative will explore developing under-utilized properties that can bolster transit-oriented development and optimize the value of assets across the state.