405 Hurffville Cross Keys Road in Washington Township — Courtesy: Avison Young
By Joshua Burd
Atkins Cos. has expanded its medical office portfolio with the addition of more than 70,000 square feet in Gloucester County, brokers with Avison Young announced Tuesday.
The buyer, which is based in West Orange, paid about $14 million for the building at 405 Hurffville Cross Keys Road in Washington Township, according to a news release. Avison Young represented Gordon MAB Associates in its sale of the two-story, 70,140-square-foot property, which is part of the municipality’s growing health care sector, as well as the buyer.
“We are pleased to have connected the regional buyer and seller in this premier southern New Jersey Medical Corridor,” said Scott Martin, a principal in Avison Young’s Philadelphia office. “The property is across the street from Jefferson Hospital Washington Township which recently completed a $200 million dollar plus expansion.”
Martin brokered the deal alongside Jim Kornick, a principal based in the firm’s Washington D.C. office. In announcing the deal, they noted that Atkins is planning renovations to upgrade the finishes of the building and create additional clinical space to meet the demands of the medical office leasing market.
“As the health care delivery model continues to place a greater emphasis on outpatient, care medical hubs like the Washington Medical Arts Building are continually in demand as regional providers look to expand ambulatory care services to the communities they serve,” said Cory Atkins, principal at Atkins Companies. “With a diverse mix of health care tenants and strong local demographics, the property fit all of our criteria as we look to continue to expand our healthcare real estate portfolio.”
In a separate news release, Atkins added that the property is its latest investment in Washington Township and is one mile from the Washington Medical Arts Building and the Washington Square Town Center community it developed in a joint venture partnership with Woodmont Properties. The property’s mixed-use design is centered on a modern, 40,000-square-foot medical office building anchored by Rothman Orthopaedics, plus an additional 22,000 square feet of retail space leased to health care tenants.
