SGPS Snaps Up Atlanta-Area Medical Office Portfolio
- Jun 20, 2017
Shailendra Group Property Services acquired a two-building medical office portfolio in Douglasville, Ga. Totaling 41,772 square feet, Douglasville Medical Center and Prestley Mill Medical Center changed hands in a $7.5 million deal.
Located at 8820 Hospital Drive, the two-story, 16,167-square-foot Douglasville Medical Center is part of WellStar Douglas Hospital’s campus. Its tenants include a neck and back pain specialist and an oral surgery office, along with the 108-bed hospital.
Situated just off Interstate 20 at 4586 Timber Ridge Drive and a half a mile from WellStar Douglas Hospital, Prestley Mill Medical Center comprises 23,732 square feet and was completed in 2000. The property was 90.2 percent leased when it hit the market, with Northside Hospital and Emory Healthcare occupying 56 percent of the space.
Senior Vice President Jodi Selvey of Colliers International represented SA Dville LLC, the seller of Douglasville Medical Center. Executive Vice President Lee Asher of CBRE worked on behalf of Timber Ridge Partners in selling the Prestley Mill Medical Center. SGPS plans to lease the buildings’ remaining vacancies by attracting medical users drawn to a location in surgical and diagnostic specialty centers.
“These properties are attractive because of their strategic location and accessibility that is sought after by healthcare providers,” said Paul Shailendra, president of SGPS, in prepared remarks. “Prestley Mill Medical Center presents an opportunity to add further value through the lease-up of existing vacancies,” he added.
Images courtesy of SGPS