A joint venture of the Atkins Cos. and Capital Solutions has sold its Bridgewater Medical Building, a 95,000-square-foot medical office property and ambulatory surgical center, it announced this week.
Financial terms were not disclosed.
“We continue to see tremendous unmet demand from growing health care networks like Atlantic Health System and Hunterdon Healthcare for Class A medical office space in the northern and central New Jersey markets,” Cory Atkins, vice president and director of acquisitions for Atkins Cos., said in a prepared statement. “In a market where ground-up development can often be difficult, we knew that this property presented an ideal opportunity to create one of the finest medical office properties in the region.”
The former Bank of America regional headquarters was acquired by the joint venture in 2017. At the time, the building was fully leased to two tenants, BofA and MidJersey Health Corp., a joint venture of Hunterdon Healthcare and Atlantic Health System. When BofA left its 37,030-square-foot space, the property was repositioned as a regional health care hub.
Atlantic Health System leased the former BofA space, while MidJersey expanded into the surgery center, imaging center and physical therapy spaces. The completion of a buildout reconfiguring the Atlantic Health space is slated for the first quarter.
Newmark’s Ben Appel, senior managing director, handled sale advisory services on the transaction, while Jay Miele, senior managing director, and John Nero and Michael Greeley, managing directors, assisted.
“Following the repositioning of the property by Atkins and Capital Solutions, ownership built upon the existing lease with Hunterdon Healthcare to sign a new long-term lease to Atlantic Health System,” Appel said in a statement. “Through their commitment to the building, the health systems provide aligned and coordinated care across numerous specialties and subspecialties.”