For Immediate Release
West Orange, N.J. (April 6, 2020) – Atkins Companies, a leading multigenerational commercial real estate development, investment, and property management firm, announces the sale of Atkins Medical Plaza, a 38,500-square-foot medical office building located at 1500 Pleasant Valley Way in West Orange, N.J. The private buyer was represented by Marcus & Millichap Vice Presidents Alan Cafiero and Ben Sgambati, as well as Senior Associate David Cafiero. The transaction was overseen by Jim McGuckin, Regional Manager, and Brian Hosey, Broker of Record, of the firms’ New Jersey office.
Situated at the crossroads of Pleasant Valley Way and Northfield Avenue in West Orange, Atkins Medical Plaza is a 90% leased Class A medical office building constructed by Atkins Companies in 2001. Atkins Companies has served as general partner for the acquisition, development, financing, leasing, and management of the property from inception. The sale of the building marks the successful culmination of Atkins Companies’ twenty-year investment in the property.
Atkins Medical Plaza is home to a variety of health care providers with a wide range of specialties and it is just minutes from Saint Barnabas Medical Center, an RWJBarnabas Health facility. With proximity to Routes I-280 and 10 as well as the Garden State Parkway, Atkins Medical Plaza is ideally located near major thoroughfares and high-traffic areas. Atkins Medical Plaza is well-suited for a diverse range of medical office users, featuring two stretcher-accessible elevators, plumbing throughout for maximum floor plan flexibility, and ample patient parking with handicap accessibility.
“Back in 2000 when we acquired the land that became Atkins Medical Plaza, we recognized there was continued opportunity for ground-up medical office development in this submarket,” said Chick Atkins, Principal at Atkins Companies. “The idea that sparked the beginning of land acquisition and development of the building was a conversation between myself and Ed Decter, a leading orthopedist in the area who was interested in the site as a spot to relocate his and his partners’ active practice. Twenty years later, it is evident that we were correct in our assessment as this property has grown into one of the region’s premier medical office buildings. Our team works hard to stay ahead of the curve in what healthcare systems and providers require in space while also considering patient needs and Atkins Medical Plaza stands a testament to that commitment.”
“There is a significant demand for well-located medical buildings in northern New Jersey,” said Alan Cafiero, Senior Vice President Investments at Marcus & Millichap. “Investors are looking for recession proof assets that can withstand a shakeup in the global market. We were representing a 1031 exchange buyer who was looking to mitigate their risk with a multi-tenant building that wouldn’t be compromised in a downturn. 1500 Pleasant Valley Way was a perfect match for their exchange.”
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 Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE