6-12-20

M id A tlantic Real Estate Journal — New Jersey — June 12 - 25, 2020 — 11B

www.marej.com

N ew J ersey

EST ORANGE, NJ — Atkins Compa- nies , a multigen- Marcus & Millichap represents buyer Atkins Companies sells 38,500 s/f medical office building in West Orange to private buyer W

Marcus &Millichap. “Investors are looking for recession proof assets that can withstand a shakeup in the global market. We were representing a 1031 exchange buyer who was look- ing to mitigate their risk with a multi-tenant building that wouldn’t be compromised in a downturn. 1500 Pleasant Val- ley Way was a perfect match for their exchange.” MAREJ

works hard to stay ahead of the curve in what healthcare systems and providers require in space while also consider- ing patient needs and Atkins Medical Plaza stands a testa- ment to that commitment.” “There is a significant de- mand for well-located medical buildings in northern New Jer- sey,” said Alan Cafiero, senior vice president investments at

e r a t i o n a l commercial real estate development, investment, and property management f i r m , a n - nounced the sale of Atkins

Chick Atkins

NAI James E. Hanson negotiates 12,015 s/f lease renewal at Park Ridge office bldg.

Atkins Medical Plaza

Medical Plaza, a 38,500 s/f medical office building located at 1500 Pleasant Valley Way in West Orange. The private buyer was represented by Marcus & Millichap vice presidents Alan Cafiero and Ben Sgambati , as well as se- nior associate David Cafiero . The transaction was overseen by Jim McGuckin , regional manager, and Brian Hosey , broker of record, of the firms’ New Jersey office. Situated at the crossroads of Pleasant Valley Way and Northfield Avenue in West Orange, Atkins Medical Plaza is a 90% leased class A medi- cal office building constructed by Atkins Companies in 2001.

Atkins Companies has served as general partner for the ac- quisition, development, financ- ing, leasing, and management of the property from inception. The sale of the building marks the successful culmination of Atkins Companies’ twenty- year investment in the prop- erty. Atkins Medical Plaza is home to a variety of health care providers with a wide range of specialties and it is just minutes from Saint Barnabas Medical Center, an RWJBarn- abas Health facility. “Back in 2000 when we ac- quired the land that became Atkins Medical Plaza, we rec-

ognized there was continued opportunity for ground-up medical office development in this submarket,” said Chick Atkins , principal at Atkins Companies. “The idea that sparked the beginning of land acquisition and development of the building was a conver- sation between myself and Ed Decter, a leading orthopedist in the area who was interested in the site as a spot to relocate his and his partners’ active practice. Twenty years later, it is evident that we were cor- rect in our assessment as this property has grown into one of the region’s premier medi- cal office buildings. Our team

in the highly desirable Park Ridge/Montvale submarket. The amenity-rich building fea- tures a modern glass atrium, a full-service cafeteria with Wi-Fi service and seating on two floors, 750 Kw back-up generator, as well as on-site ownership, property manage- ment, and a day porter. One Maynard Dr. has been owned and managed by Sartak Holdings since the building opened its doors in the 1980s. Since that time, Sartak Hold- ings has managed the building from a dedicated onsite man- agement office. MAREJ

PARK RIDGE, NJ — NAI James E. Hanson has negoti- ated a lease renewal for 12,015 s/f of office space at One May- nard Dr. in Park Ridge. NAI James E. Hanson’s Andrew Somple, SIOR, Justin Al- lessio, and Judy Troiano, CCIM , represented the land- lord, Sartak Holdings Inc., in this transaction with the ten- ant, Amica Mutual Insurance Company. Since 2018, NAI James E. Hanson has been the leasing brokerage for One Maynard Dr., a three-story, 139,000 s/f, class A office building located

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