Virtua Health, months after an agreement to sell 110 acres of land in South Jersey to a industrial developer fell through, has listed the Westampton Property for sale.
A $1 billion hospital was planned at 1919 Burlington Mount Holly Road. The site is located near the intersection between Burlington Mount Holly Road and Woodlane Road, less than one mile from New Jersey Turnpike exit 5 and two miles from I-295.
Virtua Health purchased the Hogan farm for $10,6 million in 2013. The property has remained undeveloped, and it is now being sold for development.
The property has been zoned as office research and commercial. This means that the permitted uses are offices, laboratories and conference centers. It is also allowed to be used for retail, restaurants, banks, child-care centers, retail stores and banks. The current zoning does not allow industrial.
Evan Zweben, listing agent for Wolf Commercial Real Estate, said: 'It is like a unicorn.' There are very few sites located so close to these two highways and exits which have not been developed. This is a truly incredible opportunity.
Virtua Health had previously planned a $1 billion complex that would include a hospital worth $500 million or more to replace Virtua Mount Hollis Hospital.
In 2019, Virtua Health acquired Lourdes Health System and the plans for this site were changed in 2021. Virtua Health invested in two acute care facilities, Virtua Our Lady of Lourdes Hospital and Virtua Mount Hollis Hospital instead of the Westampton Complex.
Virtua Health's Daniel Moise stated in an email that the company no longer has plans to build a new hospital in Westampton, and therefore no longer requires the land. The decision to sell has been made for a while, and we are looking forward to working with Wolf Commercial Real Estate in order to find a buyer.
Zweben refused to reveal the identity of an industrial developer with whom a deal was made this past winter. The site was not zoned for industrial use and therefore, the property's zoning would have needed to be changed. The zoning wasn't changed after residents objected to a proposal. As a result, the sale failed. Virtua Health worked with the potential buyer directly.
The property is now listed for sale as a site for development, which is what the township allows. A buyer may want to develop the property for industrial purposes, but this would need township approval.
Zweben stated that it was very clear that residents' concerns were taken into consideration and that industrial development was not a priority.
Zweben stated that it is too early to know how much the property could sell for. Zweben says that since the property was listed in early this month, he has heard from 50 potential buyers. He expects to receive offers within the next few weeks.
Zweben stated that land to the north and south of this property had been developed. It is a great location because it's in the middle and close to highways. The 110 acres of land can be used to create a large university, giving buyers a lot of space.
The property is located next to both the Burlington County Special Services Building and the Burlington County Social Services Building. There are some residential development nearby but they are not directly adjacent to the property.
Zweben stated, 'I can't imagine many places where 110 acres are just lying there, undeveloped, where you could start from scratch.'