Jay Miller of CBRE represented the buyer in the transaction.
Located at 104 Route 70, the two-building property is now home to a Crab Du Jour seafood restaurant and Firstrust Bank. Located just 5 miles east of Philadelphia, it offers a strategic location in the heart of the Route 70 Cherry Hill retail corridor that is among one of the most heavily traveled in the Philadelphia area.
Atkins Cos. acquired the asset in 2009 and has since recognized that the restaurant component no longer fit the company’s evolving investment criteria and subsequently sought to execute a sale.
With the proceeds from the sale, Atkins will continue its current investment strategy by redeploying the capital into strategic health care real estate acquisitions across the country.
“Health care real estate has been the backbone of our real estate portfolio for decades and has proven its resiliency throughout the last two years of the pandemic. We remain highly optimistic about its long-term future.” said Bob Atkins, managing principal at Atkins Cos. “We look forward to deploying the proceeds from the sale of this non-core asset to more aggressively pursue health care real estate acquisitions over the next several months and continue to grow our portfolio in this important asset class.”