The development and property management firm said in a news release that it has signed a lease with the health care provider for 37,030 square feet at the Bridgewater Medical Building, 1125 Rt. 22 W. The 95,000-square-foot building was acquired by Atkins in 2017 through a joint venture with Capital Solutions Inc.
At the time of acquisition, the building was fully leased to BofA and MidJersey Health Corp., a joint venture of Hunterdon Healthcare and Morristown-based Atlantic Health. When BofA departed at the end of its lease, ownership was able to reposition the property as a full-service medical office building. Atlantic’s lease of the remaining space completes the transformation, Atkins said.
“When we acquired the building three years ago, we sought to leverage our experience in similar health care adaptive reuse projects to reimagine it as one of central New Jersey’s finest medical office properties,” Cory Atkins, the firm’s vice president and director of acquisitions, said in a prepared statement. “We look forward to working with Atlantic Health System to expand their presence at this building to create a unique specialty health care hub designed around the diverse needs of their patients and the local community.”
Atlantic will take partial occupancy by the end of the year, Atkins said. Completion of the buildout — which will reimagine the former BofA space — and full occupancy is scheduled for the first quarter.
The health system hopes to house numerous subspecialty practices on site, including orthopedics, oncology, OB/GYN and more. It is also a partner in the existing surgery center and imaging center, both located on the property.
Bryn Cinque and Jim Bailey of Colliers International represented Atlantic in the transaction.