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405 Hurffville Cross Keys Road. Image courtesy of Avison Young
Atkins Cos. has acquired a 70,140-square-foot medical office building in Sewell, N.J. Big Sky Medical sold the Class A asset for $14 million. Principals Scott Martin and Jim Kornick with Avison Young represented both parties in the deal.
The property previously traded in June 2022, when Big Sky Medical bought it from Gordon Realty Management, in a portfolio transaction worth more than $251 million.
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Dubbed Kennedy Health & Wellness Center, the two-story facility came online on a 6.3-acre site in 2009. The property features a fitness center with an indoor swimming pool, medical practices and health education services.
The new owner plans to upgrade the finishes of the building and create additional clinical space to meet the demands of the medical office leasing market. The tenant roster includes Kennedy Fitness, Rowan Medicine and Pediatrics, Select Surgical Center and Future Chiropractic Center.
The property is located at 405 Hurffville-Cross Keys Road, directly across from the Jefferson Hospital Washington Township campus. The facility is 20 miles from downtown Philadelphia, in the southern New Jersey medical corridor.
Atkins Cos.’ portfolio currently totals six medical office buildings located in New Jersey and Pennsylvania. According to CommercialEdge data, one of the assets is approximately 1 mile away from the current acquisition.
Expanding a health-care portfolio
For Big Sky Medical, a significant deal took place in the beginning of the year when Bahrain-based GFH Financial Group purchased a majority stake in the company. The transaction followed several 2022 acquisitions focused on Texas markets.
In the fourth quarter of last year, a $190 million loan from Capital One funded several Big Sky acquisitions. Investments include a 175,752-square-foot life science facility in College Station, Texas and a medical office building in Houston, as well as a 122,942-square-foot property within the Texas A&M Health Science campus in Bryan, Texas.
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