Page 10 - Vol.5 No. 7 July 2021

8 JULY 2021
ATLANTIC HEALTH INKS EXTENSION FOR MORRISTOWN HEADQUARTERS
Atlantic Health System has signed an extension and expansion for more than 530,000 square feet
at a three-building campus in Morristown, in a deal arranged by Colliers International.
In a news release, the brokerage team said it represented the health care network in the long-term leases at 435, 465 and 475 South
St. The transactions include a 32,000-square-foot expansion at 465 South St., meaning Atlantic Health now occupies each of the three buildings in full.
Colliers’ Executive Managing Director Bryn Cinque, Senior Managing Director James Bailey and Associate Stephen Graziano represented the hospital system in the deals.
“The creative and strategic restructuring of its lease enables Atlantic Health System to control the day-to-day operations of the property and recognize significant savings while tailoring the services specific for their needs as both a
headquarters and medical offices,” Cinque said. “There’s not a large
Bryn Cinque
supply of properties that offer more than half-a-million square feet of high-quality, cost-effective space in the region, so we’re very happy
that we were able to negotiate this deal and help keep Atlantic Health System in its home for years to come.”
Colliers noted that the 533,000-square-foot campus is
near Interstate 287 and a mile
south of the organization’s flagship Morristown Medical Center. All told, the not-for-profit system operates seven hospitals and a long list
of outpatient centers, physician practices and other facilities.
“Atlantic Health System is critical to not only the wellbeing of the patients that it treats every day, but to the thousands of team members that
435 South St. in Morristown
come to work every day on behalf
of those patients across the state
and the region,” said Robert Peake, Atlantic’s vice president of facilities management and real estate. “It has been a pleasure to work with Colliers to help maintain our organization’s presence in Morristown so that we can continue serving the community with a variety of best-in-class health care services.”
Cinque and Bailey have represented Atlantic Health for its real estate needs for the last eight years and helped facilitate the organization’s recent expansions into Clark, Bayonne and Bridgewater,
according to a news release. John M. Demarco of Schenck Price Smith & King LLP represented the organization as its outside counsel.
“These extensions and this expansion are a testament to Atlantic Health’s commitment to the region,” said Dennis Waggner, an executive managing director with Colliers and the firm’s New Jersey market leader. “Representing organizations that are as important to their communities as Atlantic Health System is to Morristown
is an honor and we’re all proud of Bryn and his team for their outstanding work.”
HEALTH SYSTEM SET TO REPURPOSE EX-SEARS STORE IN MOORESTOWN
A hospital system has acquired
a former Sears building at a Burlington County mall, with plans to transform the structure into a 165,000-square-foot specialty care facility.
According to Markeim Chalmers Inc., which represented the buyer, Cooper University Health Care
is eyeing a 2023 delivery for the project at 400 West Route 38 in Moorestown. The deal comes as part of a broader plan by the seller, an affiliate of PREIT, to reposition the Moorestown Mall with uses that will also include apartments and a hotel.
Markeim Chalmers Senior Associate Adam Dembo completed the assignment, noting that the space
was a longtime location for the iconic retailer before shutting down last year. Cooper announced in March that it would convert the space to an outpatient clinic, citing the opportunity to serve its patient population in the area.
PREIT, a Philadelphia-based real estate investment trust, announced in January that it had inked a rezoning agreement with local officials that would allow it to create a mixed-use, sustainable district at the mall property. Under the first phase of the plan, the company reportedly will sell four of the property’s 84 acres to the NRP Group of Cleveland, Ohio, which will develop 365 multifamily units.
Courtesy: CoStar (via Colliers International)