Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.