For Immediate Release
Premier Medical Office Building Experiences High Levels of Tenant Retention and Expansion Following Successful Repositioning
Medford, N.J. (June 17, 2019) – Atkins Companies, a leading multigenerational commercial real estate development, investment, and property management firm, has negotiated two lease expansions at its Medford Medical Office Building located at 103 Old Marlton Pike in Medford, N.J. The medical practices recently expanding their spaces include Advanced ENT and The Gastroenterology Group.
Prior to Atkins’ acquisition of the Medford Medical Office Building in September of 2017, the space was comprised of 20 condominium units owned by several individual practitioners. The ownership structure of the building had caused ongoing capital improvements and general upkeep to lag, leaving a medical office asset that was struggling to attract quality tenants. After acquiring the Medford MOB through a joint venture with Capital Solutions Inc., Atkins collapsed the condominium, signed new leases with the tenants, and agreed to an extensive interior and exterior renovation program exceeding $1,000,000. The new ownership replaced the exterior façade and roof, in addition to completing a total renovation of the lobby, elevator, and common spaces.
Today, the two-story 46,400-square-foot medical office building is anchored by established medical groups Larchmont Imaging and South Jersey Eye Physicians and is home to a number of other prominent health care providers. Located across the street from the Medford Municipal Building, the Medford MOB is ideally located near numerous retail centers and amenities and is also adjacent to Route 70, which provides direct access to downtown Philadelphia. Additionally, the building features a meticulously landscaped exterior and abundant parking to easily accommodate patients.
“We acquired the Medford Medical Office Building in 2017 with the vision to reestablish the property as one of the greater Philadelphia area’s premier medical office facilities,” said Cory Atkins, Vice President and Director of Acquisitions at Atkins Companies. “The range of medical office tenants currently leasing at the building, coupled with the property’s high levels of tenant retention and expansion reaffirms that we have achieved that goal. We look forward to continuing to provide the modern, well-located and functional medical office space very much in demand today from both prominent health care providers and growing individual practices alike.”
Leasing opportunities are currently available at Medford Medical Office Building for medical office suites ranging from 500-12,000 square feet. For more information, contact Jason Wolf at Wolf Commercial Real Estate at 856-857-6300.
To stay connected with Atkins Companies and for updates on the latest transactions and news, follow Atkins on LinkedIn (www.linkedin.com/company/atkins-companies).
About Atkins Companies
Atkins Companies is one of the Northeast’s premier, multigenerational commercial real estate developers, investors, and property managers. As a pioneer in the medical office space, Atkins Companies is a leading developer, investor, and property manager for regional healthcare systems and physician practices, providing state-of-the-art space solutions to meet the growing demand for well-located, Class-A medical office buildings. Driven by a deep focus on creating and maintaining strong relationships, their hands-on and solutions-oriented approach to development, investment, and management breeds successful projects across all asset classes while enhancing the businesses and communities that they serve. For more information about Atkins Companies, visit AtkinsCompanies.com or contact them in their West Orange office at 973-325-7900.
About Capital Solutions, Inc.
Capital Solutions, Inc. is an investment firm founded in 1991 that specializes in providing equity for real estate opportunities. The principals of Capital Solutions have over 100 years of combined real estate experience with expertise in virtually every type of residential and commercial real estate. Capital Solutions currently has approximately $500 million of equity currently committed across its diversified U.S. real estate portfolio, representing a total portfolio value of over $1.5 billion. For more information about Capital Solutions, visit www.cap-sol.com or contact their Blue Bell office at 215-540-0505.
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