Atkins Cos. Obtains $25M for New Jersey MOB
- Dec 23, 2020
Atkins Cos. has refinanced the Atkins Kent Medical Building, a 120,501-square-foot office property in West Orange, N.J. State Farm provided the landlord with a $25 million loan due to mature in 2035, according to public records. JLL Capital Markets arranged the fixed-rate financing on behalf of the borrower.
Situated on nearly 7 acres at 101 Old Short Hills Road, the six-story building was completed in 1983, according to CommercialEdge. The Class B facility features 20,000-square-foot floorplates and a parking ratio of 2.3 spaces per 1,000 square feet. According to JLL, the property was fully occupied at the time of sale, with 42 percent of the building leased to RWJ Barnabas Health and its affiliates.
The Atkins Kent Medical Building is about 6 miles from the city center, adjacent to the RWJ Barnabas Health headquarters and across from the 597-bed Saint Barnabas Medical Center. The location provides direct access to interstates 280 and 78.
JLL Senior Managing Director Michael Klein and Associate Max Custer led the team representing Atkins Cos. Klein was also instrumental in the refinancing of a two-building, 125,700-square-foot office portfolio in Eatontown, N.J.