Atkins Acquires Medical Office Building in Pittsburgh Suburb
The 26,174-square-foot property is fully leased by Allegheny Health Network, a subsidiary of Highmark Health Inc. No financial terms of the transaction were released.
WEST MIFFLIN, PA—West Orange, NJ-based Atkins Companies has increased its Pittsburgh portfolio with the acquisition of the more than 26,000-square-foot medical office building at 2027 Lebanon Church Road here.
The 26,174-square-foot property is fully leased by Allegheny Health Network, a subsidiary of Highmark Health Inc. No financial terms of the transaction were released.
Highmark Health is the second largest employer in Pittsburgh and operates eight hospitals: Allegheny General, Allegheny Valley, Canonsburg, Forbes, Jefferson, Saint Vincent, Westfield Memorial and West Penn. The firm also boasts more than 200 primary and specialty-care practices with approximately 2,400 physicians in every clinical specialty, 19,000 employees and 2,000 volunteers.
The acquisition of the fully leased building bolsters Atkins’ portfolio in the Pittsburgh metropolitan area. Atkins currently owns a 44,000-square-foot medical office building at 310 Rodi Road in Penn Hills and a 20,000-square-foot medical office building at 4044 Route 130 in Penn Township, both of which are anchored by Premier Medical Associates, a wholly owned physician group of Allegheny Health Network.
“Over the last several years, we have seen drastic shifts in the healthcare delivery model and a wave of merger and consolidation activity which has dramatically altered the landscape of the medical office asset class,” says Cory Atkins, VP and director of acquisitions for Atkins Companies. “Fully leased to a credit grade tenant and boasting superior visibility in a quickly growing metro area, 2027 Lebanon Church Road represents an ideal acquisition opportunity in the current market.”
Atkins Companies currently has more than 600,000 square feet of healthcare real estate under ownership across the New Jersey, Pennsylvania, Maryland, Connecticut, and Ohio and works with leading healthcare networks such as RWJBarnabas Health, Atlantic Health, Hunterdon Health, Summit Medical Group, Prospect Crozer, Hartford Health, and The Ohio State University Medical Center.