By Joshua Burd
Atkins Cos. has sold a six-building, 250,000-square-foot medical office portfolio in four states, as it turns its focus to new acquisitions after its longtime ownership of the properties.
The West Orange-based firm said the assets — located in Connecticut, New Jersey, Ohio and Pennsylvania — are home to a mix of hospital and physician networks such as OSU Health, Ohio State University, Hartford Healthcare, Allegheny Health Network and others. Two undisclosed real estate investment trusts purchased the buildings for an unspecified price, with Newmark representing the seller in the deals.
“While these properties have different tenants and locations, each one speaks to our ability to successfully drive value from real estate development and investment by creating and managing spaces geared to the needs of today’s health care practitioners,” said Bob Atkins, a principal of Atkins Cos. “We look forward to deploying the capital from these sales to purchase additional assets in the months to come and build upon our decades of success in this important asset class.”
The Newmark team included Executive Managing Director Ben Appel, senior managing directors Jay Miele and Michael Greeley, Managing Director John Nero, and associates Ron Ott and Adam Goss of the firm’s National Healthcare Capital Markets Group, according to a news release. Atkins noted that the properties benefited from ongoing investment and hands-on management to keep them modern and well-leased over its decades of ownership.
The firm did not list the addresses of the properties.
“With remarkable year-over-year stability and an ongoing imbalance between supply and demand, the future of the Northeast’s medical office market remains bright,” said Cory Atkins, vice president and director of acquisitions. “We look forward to continuing to identify acquisition opportunities and building upon our deep track record of success in delivering high-quality health care facilities to our local communities.”