550 Redmond Street. Picture courtesy of AW Property Co.
AW Property Co. has bought a nine-building, 350,000-square-foot portfolio of medical workplace buildings positioned round Atlanta and Rome, Ga. Public information present the earlier proprietor was Healthcare Realty Belief Inc. Ally Financial institution financed the transaction.
AW acquired the properties by way of its Medical Workplace Fund IV, a $300 million discretionary core-plus funding car focusing on medical workplaces in markets all through the Southeast. The agency had beforehand used the fund to choose up a two-building, 123,953-square-foot medical workplace campus in Raleigh, N.C.
The portfolio’s profile
The buildings throughout the portfolio are primarily positioned on-campus or adjoining to hospitals operated by Creation Well being and Piedmont Well being. Anchored by Harbin Clinic and First Georgia Physicians Group, the amenities have been 90 p.c leased on the time of sale. Different tenants embody Piedmont, Northside Hospital and Fresenius Medical Care.
One asset within the traded portfolio, positioned at 550 Redmond Street in Rome, is house to a neurological dysfunction therapy facility operated by Harbin.
Medical workplace gross sales in metro Atlanta
Regardless of the uncertainty surrounding the workplace sector, medical workplaces have remained a secure and profitable funding alternative, accounting for $2.9 billion in transactions within the first half of 2022, in accordance with a report from Brown Gibbons Lang & Co.
Atlanta has been no stranger to such tendencies, seeing $650 million in transactions within the 4 quarters to Q2 2022, in accordance with a 3rd quarter report from Colliers. Current MOB transactions within the metro embody Stonemont Monetary Group’s buy of an 86,000-square-foot Class A facility in Alpharetta, Ga., and Lincoln Advisors’ acquisition of a 149,202-square-foot facility in Atlanta.
