A rendering of an upgraded 70,000-square-foot medical office building at 769 Northfield Ave. in West Orange — Courtesy: Avison Young
By Joshua Burd
An investment firm has unveiled plans to modernize a 70,000-square-foot medical office building in West Orange, in a newly announced project by Avison Young’s New Jersey team.
Slated to begin in the fourth quarter, the work at 769 Northfield Ave. will include the addition of a new façade, renovated common areas, new HVAC and energy systems and other upgrades that will tap into the vast demand from health care users in the area, according to a news release. Avison Young is spearheading the project on behalf of Altera Fund Advisors, overseeing the construction and project management, property management and leasing.
Completion is slated for late 2022, Avison Young said, noting that the building will also be reintroduced as the Essex Medical Center.
“Medical providers have been among the more resilient tenant categories throughout the pandemic, which is why we are confident that the conversion into a Class A medical facility will bode well for ownership from an investment standpoint,” said Jeffrey Heller, an Avison Young principal and managing director for its New Jersey office. He touted the firm’s longstanding relationship with Altera Fund Advisors, a Dallas-based investor focused primarily on health care-related assets.
Heller will work alongside Avison Young Principal and Vice President Gabriel Sasso for project and construction management, with Senior Vice President Steven Geltzeiler overseeing leasing, the firm said. Senior Portfolio Manager Dennis Sherry will direct property management. The team has also named The Rock Brook Consulting Group as the project engineer for mechanical, electrical and plumbing and fire protection.
Other improvements will include an upgraded electrical system, a new roof, a repaved parking lot, a designated doctor’s parking lot, new on-site food service and a new lobby and portico. Avison Young said a preleasing marketing campaign is now underway.
“The outlook for the health care real estate sector remains strong and upon completion, the repositioned Essex Medical Center will satisfy the continued demand for top-notch medical facility space in northern New Jersey,” said Terry Quinn, CEO of Altera Fund Advisors. “Essex Medical Center is an important project in the local community as it will offer the capacity to cater to a variety of medical uses in a convenient, centralized location.
“Avison Young has diligently provided key analytics and extensive market knowledge throughout the acquisition and decision-making processes, and we are certain the team will help us to fully maximize the value of this unique asset.”
