(Crystal Proenza is associate editor of Real Estate Florida.)
JOHNS CREEK, GA-Ground has broken on Phase I of Woodlands Park, a 100,000-sf medical office campus to be built on 17 acres in suburban Atlanta. The four-story building is scheduled for completion in the first quarter of 2009, with a second, identical building also planned for the site.
Trammell Crow Co. is developing Woodlands Park Medical Arts I in a joint venture with equity partner MetLife Inc. The architect for the project is Wakefield Beasley & Associates, with Brasfield & Gorrie as the general contractor.
Woodlands Park's medical complex will be located at 6375 Hospital Parkway, in close proximity to the new Emory Johns Creek Hospital, a 110-bed, all private room hospital that opened last February. The new medical building will be connected with the hospital through a possible drive to the hospital's parking lot and four-digit dialing capability, says Spence Searcy, vice president with Trammel Crow's Mid-South region, based in Atlanta.
"What we're trying to do with this project is create a medical campus that will deliver true class A physician office space that is new to that area," says Searcy, who adds that within a three-mile radius of the facility the average household income is $150,000. John's Creek, with a population of approximately 65,000, is the tenth-largest city in Georgia.
Trammel Crow will begin to scout the market for tenants with triple-net rent of $23.50 per sf, says Searcy. "We believe that the availability of surgery facilities, advanced imaging capabilities, and emergency and intensive care services next door at Emory Johns Creek Hospital will make Woodland Park Medical Arts I a convenient, prestigious location for any physician," says Steve Wheeler, also a vice president with Trammell Crow's Atlanta office.
Trammell Crow has developed over 500 million sf of buildings around the nation with a value exceeding $50 billion. MetLife has an approximately $45 billion diversified real estate investment portfolio that includes office, multi-family, industrial and retail properties.
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