Atlanta-Area Medical Office Buildings Trade for $17M

June 1, 2017

Atlanta-Area Medical Office Buildings Trade for $17M

May 25, 2017 | by Timea Papp | Commercial Property Executive 

Developed in 2007, the identical properties are 98.5 percent occupied, with approximately 87 percent of the rentable square footage leased to St. Mary’s Health Care System Inc.

Griffin-American Healthcare REIT IV Inc., has acquired The Exchange, a two-building medical office campus in Athens, Ga. Totaling 61,203 square feet, the asset changed hands in a $16.8 million deal. Bull Realty brokered the transaction that was sponsored by American Healthcare Investors and Griffin Capital Co. 

Paul Zeman, president of healthcare real estate services at Bull Realty, represented the sellers, 316 LLC and Exchange Building 300 LLC, affiliates of Bell-Harrison Development Inc. The buyer financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America and KeyBank.

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