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NNN Healthcare/Office REIT Takes 51,000 SF

ROSWELL, GA-The California REIT acquires the 99%-leased Northmeadow Medical Center across from North Fulton Regional Hospital.

By Natalie Keith | Updated on November 26, 2007

ROSWELL, GA-Santa Ana, CA-based NNN Healthcare/Office REIT has acquired the 51,000-sf Northmeadow Medical Center. The acquisition carried an $11.85-million price tag.

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.

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