10C — March 19 - April 15, 2021 — The Best of 2020 — M id A tlantic Real Estate Journal www.marej.com The LARGEST MEDICAL OFFICE SALE of 2020 Marcus & Millichap Lower GwyneddMedical Office Spring House, PA NAI SUMMIT 4001 Schoolhouse Lane Center Valley, PA Atkins Companies BridgewaterMedical Office Bldg. Bridgewater, NJ
Size: 95,000 s/f Brokers: Newmark Executive Managing Director Ben Appel handled sale advisory services for the transac - tion; Senior Managing Director Jay Miele and Manag - ing Directors John Nero and Michael Greeley worked in cooperation with Appel.
Size: 56,034 s/f Broker: Craig Dunkle
Marcus &Millichap announced the sale of Gwynedd Office Park, a 50,427 s/f portfolio of three properties located in Lower Gwynedd, PA in July of 2020. Craig Dunkle, investment specialist in Marcus &Millichap’s Philadelphia office secured the buyer for the transaction, a limited liability company out of Rockland County, NY. The seller, also a limited liability company, was represented by Craig Fernsler, VP Investment Services, KW Commercial Real Estate and Joshua Levin, Broker of Record, Levin Commercial Real Estate. Gwynedd Office Park, located at 714, 716 & 768 Bethlehem Pike in Lower Gwynedd, PA, is highlighted by a mix of professional and medical service-oriented tenants that serve the local community. Atkins Companies and JV partner Capital Solutions announced t he sale of their Bridgewater Medical Building to a JV partnership between Anchor Health Properties and the Carlyle Group. Prior to the sale, Atkins repositioned the two-tenant office building, home to MidJersey Health Corporation and former regional headquarters for Bank of America, into a Class A medical office building and ambulatory surgery center. Leveraging deep healthcare relationships, Atkins secured Atlantic Health System to occupy the 37,000 s/f former bank space and executed a comprehensive capital improvement strategy that transformed the property into a regional healthcare hub for two of the state’s largest healthcare systems. The LARGEST MIXED-USE PROJECT of 2020 Marcus & Millichap NJ Multi-Family & Retail Property Paterson, NJ Size: 20,000 s/f Brokers: Sarah Finney-Miller and Mike Adams Mike Adams and Sarah Finney-Miller recently represented the owner in the sale of the Class A office located at 4001 Schoolhouse Lane in Center Valley, PA. The 20,000 +/- s/f office building included high-end finishes throughout, many upgrades, finished lower level, and elevator. Conveniently located in a professional office park, Stabler Corporate Center, this location offered high visibility and traffic countso n busy Route 309. The buyer intends to retain a portion of the build - ing for office use and lease the rest. An income producing cell phone tower on the property was also sold to Lanark Equities LLC in this transaction. Kislak South Orange Square South Orange, NJ Atkins Companies Washington Square Town Ctr. Washington Township, NJ
Size: 32,000 s/f Brokers: Fahri Ozturk, Richard Gatto, Daniel Aviles and Casey Egan 61 Park Avenue is a newly constructed mixed-use building that consists of 36 residential and 2 commercial units. The property was built in 2017 covered parking and separately metered units. The property is located a quick 5-minute walk to the Paterson Transit Center which offers a 40-minute com - mute into Manhattan. Additionally, the property has easy ac - cess to the Garden State Parkway, I-80 Route 456, Rte. 3, placing it 15 miles from Manhattan and convenient access to Newark, JFK, and La Guardia Airports. “We continue to see increased demand from both local and out of market investors looking for opportunities in Paterson. They are attracted to the new development, increasing rental growth, and its con - venient proximity to NYC and other parts of Northern NJ,” stated Daniel Aviles. “61 Park Avenue gives the purchaser a rare opportunity to acquire a newer construction proper - ty with strong cash flow, below market rents and a 20-year tax abatement,” said Richard Gatto. Marcus and Millichap also sold this property for $6.7 million back in 2018 when it awarded Most Significant Mixed-Use Project by MAREJ .
Brokers: Scott Martin of Avison Young Washington Square Town Center, one of the region’s first medical-oriented mixed-use communities, was initially slated to include three 10,000 s/f retail buildings, a 40,000 s/f Class A medical office building anchored by Rothman Orthopaedics, 330 multifamily units, 100 townhomes, and an assisted living facility. However, upon recognizing tre - mendous unmet demand for medical space in the market, Atkins and its JV partner converted one of the retail build - ings to purpose-built medical space. Upon conversion, At - kins quickly inked a 7,000 s/f pre-lease with Axia Women’s Health, a fast-growing network of OB/GYN physicians and women’s health centers, bolstering the property’s already prominent roster of healthcare users.
Size of property: 31,000 s/f Office/Retail Broker: Joni Sweetwood
South Orange Square is an iconic property that sits at the corner of South Orange Avenue and Scotland Road/Val - ley Road, the most visible and heavily-trafficked corner (AADT 21,031 cars) in South Orange. It is only a short walk to the nearby train station that provides midtown di - rect service to and from New York City. The addresses are 67-81 South Orange Avenue and 3-11 Scotland Road. The transit-oriented property includes 21,000 s/f of retail space, 9,000 s/f of second story office space and 1,000 s/f of storage rooms, all with high occupancy histories.
Made with FlippingBook Proposal Creator