104 Route 70 in Cherry Hill — Courtesy: Atkins Cos.
By Tina Traster
Atkins Cos. has sold a 6,750-square-foot restaurant in Cherry Hill to a private buyer.
Jay Miller of CBRE represented the buyer in the transaction at 104 Route 70, according to a news release. First constructed in 2007, the property is comprised of a restaurant building that was leased to Crab Du Jour seafood restaurant and a Firstrust Bank, offering a location five miles east of Philadelphia and in the heart of the Route 70 Cherry Hill retail corridor.
Atkins said that, since acquiring the two-building property in 2009, it recognized that the restaurant component no longer fit its evolving investment criteria and subsequently brought it to market. The firm intends to use the proceeds to focus on investing in health care real estate acquisitions nationwide.
“Health care real estate has been the backbone of our real estate portfolio for decades and has proven its resiliency throughout the last two years of the pandemic,” said Bob Atkins, the West Orange-based firm’s managing principal. “We remain highly optimistic about its long-term future. We look forward to deploying the proceeds from the sale of this noncore asset to more aggressively pursue health care real estate acquisitions over the next several months and continue to grow our portfolio in this important asset class.”
