Stable Development Buys Atlanta-Area Medical Office Portfolio
- Apr 16, 2019
Stable Development Co. is the new owner of three medical office properties in the Atlanta area, purchased from Academy Orthopedics for $5.3 million. The portfolio—nearly 90 percent occupied—totals 25,643 square feet.
One of the properties is located at 318 Tribble Gap Road in Cumming, Ga. Completed in 1995, the two-story building encompasses 14,643 square feet. The anchor tenant is Academy Orthopedics, taking up roughly 50 percent of the entire portfolio. The other two buildings are located at 3919 and 3929 Carter Road in Buford and date from 2006. The assets house the businesses of Northside Hospital Imaging, Select Physical Therapy and Benchmark Therapy.
Ackerman Medical’s Kris Redding and Andrew Murphy of Highgate Partners represented the seller, while Beau Terrell of Highgate Partners acted on behalf of the buyer.
“This portfolio offers the buyer a strong tenant mix with exceptional credit and steady cash flows thanks to the nearly five-year average remaining lease terms,” Redding said in a prepared statement. “The tremendous residential growth taking place in these two micro markets will also help drive future demand for the medical services provided at these three medical facilities.”
Last month, Ackerman Medical arranged another medical office building transaction in metro Atlanta. The four buildings totaled 80,116 square feet and sold for $18.9 million.