Transwestern Atlanta Brokers Sale of Class A Medical Office Building
Wednesday, May 20th, 2020
Transwestern Real Estate Services (TRS) announces it has brokered the sale of Walther Professional Center, an 18,471-square-foot medical office building at 766 Walther Road NW in Lawrenceville, Georgia. Transwestern Senior Managing Directors Steve Hall and Kevin Markwordt negotiated the disposition on behalf of the seller, ENTOB LLC. Anchor Health Properties purchased the Class A building for $5.3 million, or $287 per square foot.
“Medical office buildings continue to be safe investments because people will always need well located, quality healthcare, and this need has only been highlighted by the current health crisis” said Hall, who leads the Atlanta Healthcare Advisory Services team. “This product type is expected to outperform other industry sectors as providers continue to expand services.”
Walther Professional Center is a single-story medical office building 100% occupied by Northeast Atlanta Ear, Nose & Throat and Eastside Heart and Vascular, an HCA Healthcare-affiliated practice. The property is strategically located near the newly formed Northside Hospital Gwinnett campus, the result of a 2019 merger between Northside Hospital and Gwinnett Health System. One of Georgia’s foremost healthcare networks, the Northside Hospital medical system includes five not-for-profit, full-service, acute-care hospitals with more than 1,600 licensed beds, nearly 3,500 physicians and more than 21,000 employees.
“Since Northside and Gwinnett merged last year, this medical office submarket has exploded with interest from investors, physicians and medical providers attracted to the stability and cutting-edge healthcare Northside’s prestigious network provides,” said Markwordt, partner in the Southeast Investment Services Group. “With healthcare increasingly more vital, medical office in this market and throughout Atlanta will remain in strong demand.”