The Medford Medical Office Building at 103 Old Marlton Pike in Medford — Courtesy: Atkins Cos.
By Joshua Burd
Atkins Cos. has inked two lease expansions with tenants at a newly updated, 46,400-square-foot medical office building in Burlington County.
The commercial real estate firm announced this week that two practices, Advanced ENT and The Gastroenterology Group, have expanded their footprint at 103 Old Marlton Pike in Medford. The commitments come less than two years after Atkins acquired the two-story property as part of a joint venture and overhauled both the ownership structure and the building.
The firm said that, prior to its acquisition with Capital Solutions Inc., the Medford Medical Office Building in was comprised of 20 condominium units owned by several individual practitioners. The ownership structure had caused ongoing capital improvements and general upkeep to lag, Atkins said, leaving a property that was struggling to attract quality tenants.
Atkins collapsed the condominium after its acquisition, signed new leases with the tenants and agreed to extensive interior and exterior renovations valued at more than $1 million. Those upgrades include a new façade and roof, along with a total renovation of the lobby, elevator and common spaces.
The building today is anchored by established medical groups Larchmont Imaging and South Jersey Eye Physicians, offering a location near a host of retail centers and amenities, Atkins said. The property is also adjacent to Route 70, which provides direct access to downtown Philadelphia.
“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 Cos. “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.”