Atkins Companies, one of the region’s most successful multigenerational healthcare real estate developers, investors, and property managers, announces the sale of a 6,750-square-foot restaurant located at 104 Route 70 in Cherry Hill, N.J. to a private buyer. Jay Miller of CBRE represented the buyer in the transaction.
First constructed in 2007, the property at 104 Route 70 is comprised of a restaurant building that is now home to a Crab Du Jour seafood restaurant and a bank building currently occupied by a Firstrust Bank. Located just five miles east of Philadelphia, the property boasts a strategic location in the heart of the Route 70 Cherry Hill retail corridor that is among one of the most heavily traveled in the Philadelphia area.
Since acquiring the two-building property in 2009, Atkins Companies recognized that the restaurant component no longer fit the company’s evolving investment criteria and subsequently sought to execute a sale. With the proceeds from the sale, Atkins continues its current investment strategy by redeploying the capital into strategic healthcare real estate acquisitions across the country.
“Healthcare real estate has been the backbone of our real estate portfolio for decades and has proven its resiliency throughout the last two years of the pandemic. We remain highly optimistic about its long-term future.” said Bob Atkins, Managing Principal at Atkins Companies. “We look forward to deploying the proceeds from the sale of this non-core asset to more aggressively pursue healthcare real estate acquisitions over the next several months and continue to grow our portfolio in this important asset class.”
To stay connected with Atkins Companies and for updates on the latest transactions and news, follow Atkins on LinkedIn (www.linkedin.com/company/atkins-companies).