West Orange-based Atkins Cos. sold a 250,000-square-foot medical office portfolio comprised of six Class A assets located across New Jersey, Connecticut, Ohio and Pennsylvania to two medical office real estate investment trusts, according to a Wednesday announcement.
Newmark Executive Managing Director Ben Appel, Senior Managing Directors Jay Miele and Michael Greeley, Managing Director John Nero and associates Ron Ott and Adam Goss of the firm’s National Healthcare Capital Markets Group provided advisory services to Atkins Cos.
The portfolio is home to a premier lineup of leading hospital and physician networks, including OSU Health, Ohio State University, Hartford Healthcare, OneOncology, Allegheny Health Network and Radnet.
At each property included in the portfolio, Atkins leveraged over 40 years of medical office management experience to continually pursue capital investments that ensured the spaces reflected the needs of today’s health care tenants and were consistently among the most in-demand buildings in their respective markets. Atkins’ strategic investments were further augmented by the company’s hands-on property management services that led to historically high occupancy at each asset, and the ability to continually negotiate long-term leases with some of the region’s most sought-after medical office tenants.
“While these properties have different tenants and locations, each one speaks to our ability to successfully drive value from real estate development and investment by creating and managing spaces geared to the needs of today’s health care practitioners,” said Bob Atkins, principal at Atkins Cos. “We look forward to deploying the capital from these sales to purchase additional assets in the months to come and build upon our decades of success in this important asset class.”
Cory Atkins, vice president and director of acquisitions, added: “With remarkable year-over-year stability and an ongoing imbalance between supply and demand, the future of the Northeast’s medical office market remains bright. We look forward to continuing to identify acquisition opportunities and building upon our deep track record of success in delivering high-quality health care facilities to our local communities.”