Mainardi acquires former 200,000 s/f Union Hospital

The Mainardi Management Co. has acquired the former Union Hospital building, located at 1000 Galloping Hill Ave. The building is 200,000 s/f, and operated as a hospital, most recently as an affiliate of St. Barnabas, from 1962 until September of 2007, when it closed due to financial reasons. The entity that purchased the property is a joint venture between members of the Mainardi family, and some of their business associates, and a company controlled by Andrew Piscatelli, III who has previously purchased and repositioned hospitals in Millville, South Amboy and Kearny. Several tenants have already signed leases to occupy space in the building, which will be renamed Union Medical Park. Overlook Hospital, a division of Atlantic Health Services, will continue to operate an Emergency Room in the facility which will serve to feed its main location in Summit. The hospital is also leasing additional s/f for several outpatient programs. The local YMCA is leasing 19,000 s/f for its adult activities, and a newly formed surgery center will occupy 20,000 s/f. Several other leases with local physicians have also been signed for smaller office space within the building. Andrew Mainardi, III, president of Mainardi Management Co. said, "Although our family has previously focused on retail real estate, the opportunity presented by this acquisition was just too great to pass up, while diversifying our property type is also in keeping with our strategic goals." Richard Mainardi, Jr., VP said "We are very excited to be able to acquire such a well-placed asset at well below replacement cost."