The medical office property, at 1357 Hembree Park Drive, was 99% leased to nine tenants at the time of sale. There are also leases in place that do not begin to expire for at least five years.
The medical center was built in 1999 and spans across 5.5 acres. It is located across the street from North Fulton Regional Hospital, a 167-bed acute care hospital serving North Fulton and the surrounding counties. The hospital is one of three Level II Trauma Centers in the metro Atlanta area.
NNN Healthcare/Office REIT offers a monthly distribution of 7.25% per annum and has made 14 other acquisitions throughout the U.S. including Northmeadow Medical Center, making its portfolio valued in excess of $294 million.
Gary Lee and Andrew Murphy of Carter Real Estate represented the seller. The Denver office of CBRE | Melody, the real estate investment banking division of CB Richard Ellis, arranged first mortgage financing of $12.4 million that was provided through LaSalle Bank National Association.
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source: costar.com
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