Atlantic Health Signs Lease at Reimagined New Jersey Facility
- Sep 11, 2020
Atlantic Health System has signed a 37,030-square-foot lease at Atkins Cos.’ Bridgewater Medical Building, a 95,000-square-foot property in Bridgewater, N.J. Colliers International’s Bryn Cinque and Jim Bailey represented the tenant in the lease.
The health-care company, which already occupies the rest of the building in partnership with Hunterdon Healthcare, will take over the space formerly leased by Bank of America. Atlantic plans to take partial occupancy by the end of the year, with the entire build-out slated for completion in the first quarter of 2021.
Bridgewater Medical Building is a two- and three-story facility developed in phases in 1975 and 1982, according to Yardi Matrix data. Situated on more than 8 acres at 1125 U.S. Route 22 W., the asset features a parking ratio of 3.8 spaces per 1,000 square feet. The building is some 4 miles from downtown Bridgewater, adjacent to Interstate 287. A dense area of health-care providers, including RWJ University Hospital Somerset, is 3 miles south. The facility is also 5 miles from the Center of Excellence, a 784,000-square-foot life sciences campus that traded for $152 million last year.
A future medical office building
Atkins Cos. acquired the Class B asset in 2017 in a joint venture with Capital Solutions Inc. The owner will implement a capital improvement strategy to reposition the property as a full-service medical office building. Modifications will include closing in the existing drive-through banking underpass, various exterior site upgrades and a complete interior renovation for the creation of medical suites.
Upon completion, Atlantic Health plans to deploy various sub-specialty practices at the location, including orthopedics, oncology and OBGYN, among others. The company is also a partner in the existing surgery center and imaging center, both located on the west side of the building.