101 Old Short Hills Road in West Orange — Courtesy: JLL
By Joshua Burd
Atkins Cos. has refinanced the debt on a nearly 121,000-square-foot medical office building in West Orange, brokers with JLL announced Monday.
Located at 101 Old Short Hills Road, the property is across the street from the 597-bed Saint Barnabas Medical Center and adjacent to the headquarters of RWJBarnabas Health. JLL worked on behalf of the borrower to secure the fixed-rate loan for what’s known as the Atkins Kent Medical Building, noting that a national life insurance company is providing the financing.
Additional terms were not disclosed.
“The Atkins Kent Medical Building has been one of northern New Jersey’s premier medical office buildings since its construction in the ’80’s given its location directly across the street from the growing Saint Barnabas Medical Center, the areas exceptional demographics and the building’s proximity to a strong highway infrastructure,” JLL’s Max Custer said.
Custer, an associate with the firm’s New Jersey capital markets team, completed the transaction alongside Senior Managing Director Michael Klein. They touted the location of the 120,501-square-foot property, which is convenient to interstates 280 and 78, along with routes 24 and 10.
The building has served as the home to medical practices for the past three decades. It was 100 percent occupied at the time of the deal, with 42 percent of the building leased to RWJBarnabas and its affiliates.
“As a result of the building’s outstanding merits, the borrower has maintained high 90s occupancy since the property’s inception and JLL was able to secure an extremely attractive interest rate for a long-term loan with one of its correspondent life company relationships,” Klein said. “We are extremely pleased about the execution we were able to deliver for the Atkins Companies.”