Medford Medical Center Changes Hands for $2.4M
A 46,400-Square-Foot Medical Building Under New Ownership
September 7, 2017 [Mount Laurel, NJ] – Colliers International in Southern New Jersey concluded the sale of Medford Medical Center, a medical office building totaling 46,400 rentable square feet located at 103 Old Marlton Pike, Medford, New Jersey. The complex was purchased by the Atkins Companies, in conjunction with Capital Solutions, Inc., for $2.4 million. Evan Zweben, a Senior Vice President and member of Colliers International’s National Healthcare Group, was the sole broker in the transaction.
The Atkins Companies is an industry-leading New Jersey-based real estate organization active in the acquisition, development and management of high-quality medical office, mixed-use and residential properties throughout New Jersey and beyond. They plan to make extensive exterior and interior common space renovations to create a new state of the art medical facility. 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. Available suites for lease will range from 500 to 6,500 SF.
“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 Companies. Cory will handle day to day operations of the facility and oversee the renovations.
Prior to the sale, the Medford Medical Center was comprised of 20 condominium units owned by individual medical groups. The condominium association, on behalf of the individual owners, hired Colliers in 2016 to secure a buyer for the building. As part of the transaction, the individual units converted back into a single ownership entity and the condo association was dissolved.
“This is an exciting time for the Medford Medical Center. Having a quality organization (like Atkins Companies) with a proven track record take over control of the building was the primary objective for the condo association from the beginning. From the first time I met with Evan, I knew he would commit to seeing this complicated sale to its successful completion” said Dr. James Nachbar of South Jersey Eye Physicians, a former condo owner and now tenant in the building. “All of us in the building are excited to see the building restored as the premiere medical property in Medford.”