Medford Medical Center at 103 Old Marlton Pike in Medford — Courtesy: Colliers International
By Joshua Burd
A joint venture has paid $2.4 million for a 46,400-square-foot medical office building in Medford, where it’s planning a series of upgrades to help transition it from condominium units to a single-ownership structure.
Colliers International, which brokered the sale, said Thursday that the Atkins Cos. acquired 103 Old Marlton Pike in conjunction with Capital Solutions Inc. The site is anchored by established medical groups Larchmont Imaging and South Jersey Eye Physicians and is adjacent to Route 70, providing direct access from Medford to downtown Philadelphia.
The buyer’s plans for the building include extensive exterior and interior common space renovations to create a new state-of-the-art medical facility.
“We are thrilled to have completed the purchase of Medford Medical Center and are excited about getting the renovations underway and restoring one of the area’s prominent medical facilities,” said Cory Atkins of Atkins Cos, who will handle day-to-day operations of the facility and oversee the renovations.
Evan Zweben, a senior vice president and member of Colliers International’s National Healthcare Group, was the sole broker in the transaction.
Colliers said that, prior to the sale, Medford Medical Center was comprised of 20 condominium units owned by individual medical groups. The condominium association hired the brokerage in 2016 to secure a buyer for the building, giving way to the sale and prompting the individual units to be converted back into a single-ownership entity.
“This is an exciting time for the Medford Medical Center,” said Dr. James Nachbar of South Jersey Eye Physicians, a former condo owner and now tenant in the building. “Having a quality organization (like Atkins Cos.) with a proven track record take over control of the building was the primary objective for the condo association from the beginning.”