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EAST ORANGE, NJ-New Grove Manor, a 205-bed nursing and rehabilitation center, has been sold for $3.1 million. The buyer was investor group 55 Holding LLC; the seller was described by the broker as a private family-owned investment group. On public documents registered with the state, the identity of that group was listed as Garden State Nursing Home Inc.

“Healthcare services are among a short list of recession-proof industries,” says David Oropeza, EVP of the Livingston, NJ-based Gebroe-Hammer Associates, who represented the seller and procured buyer 55 Holding. “That makes this investment opportunity quite attractive.”

The property dates back to the 1920s, and its architecture reflects that era. It was initially built as a luxury hotel, but its original owners subsequently converted it to a long-term and sub-acute care facility. Its bed count also includes 36 one-bedroom, eight two-bedroom and three three-bedroom apartments, and the new owners plan to build a new atrium entrance, according to Oropeza.

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