Atkins Medical Plaza, a medical office building at 1500 Pleasant Valley Way in West Orange — Courtesy: Atkins Cos.
By Joshua Burd
Atkins Cos. has sold a 38,500-square-foot medical office building in West Orange, marking the culmination of what it says is a 20-year investment in the property.
The commercial real estate firm on Monday announced the sale of Atkins Medical Plaza, a 90 percent leased building at 1500 Pleasant Valley Way. A private investor acquired the complex, which is minutes from Saint Barnabas Medical Center, for an undisclosed price.
“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 Cos. “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.”
Marcus & Millichap vice presidents Alan Cafiero and Ben Sgambati and Senior Associate David Cafiero represented the buyer. Jim McGuckin, regional manager, and Brian Hosey, broker of record of the firm’s New Jersey office, oversaw the transaction.
“There is a significant demand for well-located medical buildings in northern New Jersey,” Cafiero said. “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.”
Atkins has served as general partner for the acquisition, development, financing, leasing and management of the property from inception, according to a news release. Sitting at the intersection of Northfield Avenue, Atkins Medical Plaza is home to a mix of health care providers and is minutes from Interstate 280, Route 10 and the Garden State Parkway.