Heritage Medical Buys Office Building for $5.4M
- Aug 20, 2015
Heritage Medical Development Group LLC is expanding its portfolio with the acquisition of a health-centered office building. The 25,372-square-foot property is located at 2325 Crestmoor Road in Nashville’s Green Hills area.
Real estate executive Shirley Zeitlin and Pinnacle Bank in its role as executor of the estate of Zeitlin’s deceased business partner, Elise C. Whalley, sold the property for $5.4 million to an affiliate of Heritage Medical Associates. According to The Tennessean, the former owner acquired the medical office asset back in 2009 for $1.9 million.
That buying entity, made up of 90 shareholders in the physicians group, then leased the medical office building back to Heritage Medical Associates under a master lease. The acquisition also included an adjacent parking lot at 2403 Crestmoor Road.
Heritage Medical Associates occupies more than 90 percent of the building, while the remaining space is leased to four other small tenants.
At the Green Hills health care office property, the physicians group offers behavioral medicine, pediatrics and adult primary care along with X-rays.
Heritage Medical Associates is the largest independent multi-specialty physician’s group in Middle Tennessee with 14 offices located in Nashville, Bellevue, Franklin, Green Hills, Hermitage and Mount Juliet.
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