March 21,2016
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As The Valley Hospital has struggled for years to expand its campus in Ridgewood, it has been quietly buying real estate in Bergen County, assembling a portfolio that includes a string of properties on North Maple Avenue in Ridgewood and the building that houses the New Jersey Children’s Museum in Paramus.
Over the past two years, the hospital, in some cases through holding companies, has spent at least $54 million to acquire roughly a half-dozen sites in the village and neighboring Paramus as potential future locations for doctors’ offices, along with outpatient and other services that would be moved from its main campus. Some of these newly acquired properties are already operating as off-site hospital facilities.
But the hospital’s plans for some of its other new properties remain unclear, and Valley’s real estate shopping doesn’t appear to be over. Recently, it has been in talks to purchase buildings that the global parcel deliverer UPS will be vacating on Winters Avenue in Paramus, as reported by The Record. If that deal closes, it would add another property to a medical-services cluster that the hospital has been creating in Paramus, near the Fashion Center mall.
Valley’s push to expand comes on the heels of a bitter, losing battle in which it joined with Englewood Hospital and Medical Center to keep Hackensack University Medical Center from opening the former Pascack Valley Hospital in Westwood. Now, Valley, Englewood and Hackensack are fiercely competing for the aging and affluent Bergen County population, offering hotel-like amenities combined with top-notch expertise and technology in a rapidly changing health care terrain influenced by Obamacare.
The Valley Hospital, which has not commented on the UPS negotiations beyond saying it has not purchased the property, describes its recent real estate buys as “strategic property acquisitions to ensure its ability to develop outpatient and ambulatory programs and services needed by the community.”
Megan Fraser, the hospital’s vice president for communications and marketing, said in an email that the hospital will share its plans for properties it has acquired “as they are finalized.” She said plans may include a health and wellness center and new facilities for Valley Medical Group, a group of family and urgent-care centers with seven sites in North Jersey.
Among properties already being used by the hospital is Parkview Plaza, a three-story office building at 1200 E. Ridgewood Ave. — near the hospital’s main campus — where it is expanding its cardiac center. The building was purchased last November for $28 million
In 2012, the hospital paid $4.8 million for a building at 970 Linwood Ave. in Paramus that in one section currently houses a regional blood center that will be moving out in March. Valley has established a research program there, in what is now the Bolger Medical Arts Building.
Moving outpatient services off campus to reduce traffic to and from the hospital was among the promises Valley made to village residents during contentious expansion hearings that date back to 2002. Valley has been trying nearly to double the square footage on its main campus, nestled on North Van Dien Avenue in the middle of a residential neighborhood. Its first proposal was rejected by the Ridgewood Village Council and a slightly scaled-back project totaling 995,000 square feet has been before the Village Planning Board almost a year. https://www.northjersey.com/news/valley-hospital-buying-up-string-of-properties-near-its-ridgewood-site-1.671045
Valley is looking to bulk up on assents making any unsolicited take over bid of the hospital by local competitors too expensive.
Rumors have been floated in the past of a imminent take over attempt by Hackensack University Medical Center but so far have never materialized.
