Medford Medical Center, a 46,400-square-foot medical office building, was sold for $2.4 million recently, according to Colliers International’s South Jersey office.
The center, at 103 Old Marlton Pike, Medford, was purchased by the Atkins Cos., a West Orange-based real estate and development firm, in conjunction with Capital Solutions Inc., according to a news release. The property had been divided into 20 medical office condominiums owned by individual practices; the association hired Colliers in 2016 to secure the buyer, then converted the property to a single ownership entity.
“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,” Cory Atkins of the Atkins Cos. said in a prepared statement. Atkins will oversee renovations to the facility and handle day-to-day operations.
Evan Zweben, senior vice president with Colliers and a member of its National Healthcare Group, was the broker on the transaction.
The property is anchored by medical groups Larchmont Imaging and South Jersey Eye Physicians. Suites available for lease range from 500 square feet to 6,500 square feet, Colliers said.
“This is an exciting time for the Medford Medical Center,” Dr. James Nachbar of South Jersey Eye Physicians said in a statement. “Having a quality organization 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.”
