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SEWELL, NJ-Construction is just under way for the Kennedy Health and Wellness Center, a 70,000-sf multi-tenant facility here, with delivery slated for the spring of 2008. The facility is being developed by Kennedy Health Systems, a multi-site healthcare provider based in Washington Township, and the Gordon Group, based in Linden, which has developed more than one million sf of medical real estate in New Jersey, New York and Pennsylvania.

The joint venture partners have a major tenant for their project, Healthtrax, a Glastonbury, CT-based operator of spas and wellness centers. Healthtrax has signed a lease for a 34,000-sf facility that will include an aquatics center, swimming pool, a youth activity center and other features. Terms of the deal were not released. Founded in 1979, Healthtrax operates a total of 16 wellness centers.

The developers have retained Weichert Commercial to find tenants for the rest of the project, which is located within walking distance of Kennedy Health Systems’ Kennedy Memorial Hospital. For Weichert, Kim Kretowicz is handling the exclusive leasing assignment.

According to Kretowicz, the Kennedy Health and Wellness Center offers “a unique ownership structure and equity program to the medical community.” Under that program, Gordon and Kennedy Health Systems are offering physician-tenants to buy into the project’s equity as limited partners without being held liable for the underlying construction financing.

Kennedy Health Systems is a South Jersey-focused organization, operating its multi-site facilities ranging from acute-care hospitals and outpatient centers to wellness centers in the region’s Camden, Burlington and Gloucester counties.

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