The Washington Medical Arts Building, a medical office building in Gloucester County, recently sold for $14 million.
Avison Young arranged the transaction for the 70,140-square-foot facility located at 405 Hurffville Cross Keys Road in Washington Township on behalf of Gordon MAB Associates, the global commercial real estate services firm announced March 28.
West Orange’s Atkins Cos. purchased the 100% occupied property, which is located directly across from the Jefferson Washington Township Hospital campus, Jefferson Health’s largest of three hospitals in the state. Current tenants at the Washington Medical Arts Building, include Weisman Children’s, Rowan Medicine, Select Surgical Center and Jefferson Health.
Both members of Avison Young’s U.S. Health Care leadership team, Principal Scott Martin, from the Philadelphia office, and Principal Jim Kornick, of the Washington, D.C., outpost, collaborated to represent both the buyer and seller in the deal.
“We are pleased to have connected the regional buyer and seller in this premier southern New Jersey Medical Corridor,” said Martin in a statement, pointing out that the nearby Jefferson Health campus “recently completed a $200 million dollar-plus expansion.”
Washington Township’s key economic development is centered around the health care sector, Avison Young said. Among the operators helping to foster that boom, the municipality’s website cites: Virtua, Cooper University Health Care, Heart House and Penn Medicine.
“As the health care delivery model continues to place a greater emphasis on outpatient, care medical hubs like the Washington Medical Arts Building are continually in demand as regional providers look to expand ambulatory care services to the communities they serve,” said Cory Atkins, principal at Atkins Cos., in a prepared statement. “With a diverse mix of health care tenants and strong local demographics, the property fit all of our criteria as we look to continue to expand our health care real estate portfolio.”
Atkin Cos.’ Washington Square Town Center, developed with venture partner Woodmont Properties, is also located along Hurffville Cross Keys Road. Among the mix at 35-acre property are hundreds of apartments and townhomes in addition to an assisted living facility and a 40,000-square-foot Class A medical office building anchored by Rothman Orthopaedics. According to the multigenerational commercial real estate development, investment and property management company, 22,000 square feet of space at Washington Square Town Center is leased to health care tenants.
Further underscoring the prevalence of the health care sector in the area, a 10,000-square-foot retail building at the property, now completely occupied by Axia Women’s health, was repositioned in recent years to accommodate medical use.
The Washington Medical Arts Building is framed by Routes 42, 55, and 322, offering easy access for patients.
Editor’s note: This story was updated at 11:46 a.m. ET on March 29, 2023, to include additional details and remarks from the property’s buyer, Atkins Cos.d