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102-year-old hospital in New Jersey sells for $26M

Runnells Specialized Hospital, a 102-year-old facility in Berkeley Heights, N.J., has been sold to Center Management Group in Flushing, N.Y., for $26 million, according to an nj.com report.

Under the sale agreement, Center Management committed to a five-year capital improvement plan and agreed to share revenue from new healthcare services with the county. There will also be a deed restriction to ensure the hospital will continue to be used for long-term patient care, according to the report.

UnionCounty, which owned the hospital, expects to save up to $52 million in operating costs over the next five years by selling the facility.

More than half of the 391 employees who work at RSH have already been rehired by Center Management or have been transferred to other county jobs. Sixty-three hospital employees retired, according to the report.

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