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WESTWOOD, NJ-Hackensack University Medical Center and Touro University College of Medicine closed on a deal to acquire the 20-acre site once owned by Pascack Valley Hospital for $45 million. The deal was brokered by members of Cushman & Wakefield’s Metropolitan Area Capital Markets Group.

“There was a lot of interest in this deal,” Jose Cruz, executive director of the Metropolitan Area Capital Markets Group tells GlobeSt.com. “It’s not often you get to acquire a site that’s 20-plus acres in Westwood. It’s a great location.”

He continues that “everybody wins on this. The town wanted a hospital, we wanted to get the best price for the bond holders and it made Hackensack happy, so I think overall everybody benefits from the sale.” Cruz, along with vice chairman Andrew Merin spearheaded the sale, with assistance from brokers David Bernhaut and Gary Gabriel.

The 251-bed facility began as a small community hospital in 1959. It has since expanded, most recently in 2005, when a four-story addition containing a maternity center, outpatient offices, a cardiac rehabilitation centre and executive offices was completed. This was not enough to keep the hospital competitive, and Pascack Valley filed for bankruptcy last fall. The US Bankruptcy Court, which is responsible for disbursing the hospital’s assets, approved the sale.

The new owners hope to reopen the hospital’s emergency room and establish a medical school at the site. The first students are expected to cross the threshold in 2009. HUMC already operates a 781-bed teaching and research hospital in nearby Hackensack. HUMC was unable to comment further on its plans for the site.

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