The property was acquired from Northmeadow Parkway, LLC, which was represented by Gary Lee and Andrew Murphy, of Atlanta-based Carter Real Estate. Financing was provided by LaSalle Bank National Association. Asset management will be provided by NNN Realty Advisors, Inc.
Built in 1999, the property is located on 5.5 acres across the street from North Fulton Regional Hospital. It is approximately 99% leased to several tenants, including Northside Hospital, North Fulton Urology and North Point Pulmonary. It has 262 parking spaces with a parking ratio of 5.1 spaces per 1,000 sf.
The 167-bed North Fulton Regional Hospital was built in 1983 and is one of only three Level II Trauma Centers in the Metro Atlanta area. It is currently undergoing a $50-million master renovation and construction plan that will add 10 new exam and treatment rooms, a new trauma room and numerous other services to the hospital. The hospital employs more than 1,000 staff members, 400 physicians and has nearby 200 volunteers.
"Northmeadow Medical Center is an exceptional addition to our growing portfolio of properties," says NNN Healthcare/Office REIT Inc. vice president of acquisitions Danny Prosky. "This acquisition offers superior access to a major hospital, has leases in place that do not begin to expire until 2012 and is located in a growing region."
This is the third medical center NNN Healthcare/Office REIT has recently acquired in Georgia. The REIT also acquired Shakerag Medical Center and Yorktown Medical Center in Fayette County.
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