Wednesday, May 29, 2019

Three New Leases Bring NJ Medical Office Building to Full Occupancy

by John Jordan
A newly developed medical-office building here has secured three new lease deals that bring the 40,000-square-foot building to full occupancy.
Property owners and developers Atkins Companies and Woodmont Properties report that they have secured three lease deals totaling 20,000 square feet at the Rothman Medical Building that opened at 243 Hurffville-Cross Keys Road in late 2018.

The property in Gloucester County was developed in a joint venture partnership between Atkins, Woodmont and the Rothman Orthopaedic Institute, one of the region’s largest independent orthopaedic practices. Rothman occupies the entire 20,000 square foot second floor of the building.
The new leases, include the Heart House taking 9,450 square feet, Jefferson Health securing 7,700 square feet and AdvoCare committing to 3,100 square feet, which collectively bring the property to full occupancy.

The Rothman Medical Building anchors the 35-acre Washington Square Town Center project being developed by Atkins and Woodmont.  Nearing construction completion, the project will also feature 330 residential apartments, 100 townhomes, 30,000 square feet of retail space, and an assisted living facility.

“When we initially embarked on this project with our development partners many years ago, we saw a tremendous opportunity in the local market for a state-of-the-art medical office facility geared towards growing healthcare systems,” said Bob Atkins, managing partner of Atkins Companies. “Rothman recognized our expertise in the medical office asset class and through our partnership, we were able to create a space tailor-made for their long-term needs to help them continue to establish a larger presence in New Jersey.”
He adds, “For us, this type of partnership represents a win-win for all parties, and we’d like to thank their senior leadership team for their cooperation and vision in bringing this project to completion.”

The Heart House is one of the region’s most experienced cardiovascular practices. Heart House is utilizing its space at the Rothman Medical Building to consolidate smaller local offices into a centrally located facility to increase the overall patient experience.

Based in Philadelphia, Jefferson Health will create the Jefferson Outpatient Imaging Center, a state-of-the-art imaging and radiology center at the property to support their Washington Township hospital, located less than a mile away at 435 Hurffville-Cross Keys Road.

Advocare of Marlton, NJ is an integrated physician-owned multi-specialty organization in New Jersey and Pennsylvania offering a wide range of specialties. The firm’s lease at the Rothman Medical Building will allow them to expand its Ob/Gyn services in a strategically located, modern medical office space.

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