May 20, 2016
Catholic Health Initiatives has sold Franciscan Oaks, an entrance-fee, continuing-care retirement center in Denville, NJ. The buyer was Springpoint Senior Living.
Franciscan Oaks is situated on 14 acres, at 19 Pocono Rd. The facility offers 285 independent living apartments, 33 assisted-living units, and an 84-bed skilled nursing facility. The property is adjacent to Saint Clare’s Hospital Denville, and located less than one hour west of New York City.
A sales price was not disclosed, but Morris County, NJ’s tax assessment office appraised the asset at $30.4 million. Allen McMurtry, Megan Fetter and David Kliewer, in Cushman & Wakefield’s Tampa office, represented the seller.