The medical professional buildings were previously owned by two separate entities. The new owner plans to operate the properties as one park, according to Roberts CRE, based in Alpharetta.
In the sale of Woodlawn Commons I for $9.2 million, Brad Inglesby and Gil Russell of Roberts CRE represented the seller, Woodlawn Commons LLC. In the $2.4-million sale of Woodlawn Commons II, Howard Workman of Workman & Co. seller East Cobb Partners. John Harrison of Roberts Commercial represented the buyer in both transactions, known as Woodlawn Commons Medical Complex LLC, backed by a real estate investment company from Florida.
The properties, which are located four miles from Northside Hospital, were built to serve affluent suburban residents who may not want to travel into Atlanta for medical appointments. A representative of Roberts CRE says the deal might point to a trend of opportunities in which off-campus medical buildings will attract the attention of both local and institutional investors looking to expand the horizons of their buying profiles.
The Woodlawn Commons buildings are currently 85% leased. Roberts CRE will continue to manage and lease the properties, for which current asking rents for available space are listed on its website for $27 per sf. Roberts is a full-service commercial real estate firm that provides brokerage, property management and development strategies in metropolitan Atlanta and throughout the Southeast.
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