Northern N.J. medical office building gets refinancing
JLL Capital Markets placed the loan on the Atkins Kent Medical Building, which is positioned directly across from the 597-bed Saint Barnabas Medical Center
FLORHAM PARK, N.J., December 21, 2020 – JLL Capital Markets announced today that it has arranged refinancing for the Atkins Kent Medical Building, a 120,501-square-foot medical office building in West Orange, New Jersey.
The Atkins Kent Medical Building is located at 101 Old Short Hills Rd. immediately adjacent to the RWJ Barnabas Health Headquarters and across the street from Saint Barnabas Medical Center, a 597-bed acute care hospital. In addition to its proximity to a premier health network, the property is convenient to Interstate Highways 280 and 78 and U.S. Highways 24 and 10 providing regional connectivity throughout New Jersey.
Due to the property’s strategic location, Atkins Kent Medical Building has served as an ideal site for medical practices for the past three decades. At the time of closing it was 100% occupied with 42% of the building leased to RWJ Barnabas Health and its affiliates.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Michael Klein and Associate Max Custer.
“The Atkins Kent Medical Building has been one of Northern New Jersey’s premier medical office buildings since its construction in the 80’s given its location directly across the street from the growing Saint Barnabas Medical Center, the areas exceptional demographics and the building’s proximity to a strong highway infrastructure,” said Custer.
“As a result of the building’s outstanding merits, the borrower has maintained high 90’s occupancy since the property’s inception and JLL was able to secure an extremely attractive interest rate for a long-term loan with one of its correspondent life company relationships. We are extremely pleased about the execution we were able to deliver for the Atkins Companies,” added Klein.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Atkins Companies
Atkins Companies is one of the Northeast’s premier, multigenerational commercial real estate developers, investors, and property managers. As a pioneer in the medical office space, Atkins Companies is a leading developer, investor, and property manager for regional healthcare systems and physician practices, providing state-of-the-art space solutions to meet the growing demand for well-located, Class-A medical office buildings. Driven by a deep focus on creating and maintaining strong relationships, their hands-on and solutions-oriented approach to development, investment, and management breeds successful projects across all asset classes while enhancing the businesses and communities that they serve. For more information about Atkins Companies, visit AtkinsCompanies.com or contact them in their West Orange office at 973-325-7900.