SWAN Sells Medical Office Assets in Atlanta
- Feb 21, 2019
Southwest Atlanta Nephrology P. C. (SWAN) has sold a four-building, 80,116-square-foot medical office portfolio in metro Atlanta for a total of $18.9 million. Elliott Bay Capital Trust LLC has purchased three of the buildings while a private investment group has acquired the fourth. Ackerman Medical, a division of Ackerman & Co., acted on behalf of SWAN in the transaction.
The three assets purchased by Elliott Bay Capital Trust are located at 3620 Martin Luther King Drive and 2669 Church St. in Atlanta and 1987 Candler Road in Decatur, Ga. The fourth property, also situated in Decatur, at 2485 Park Central Blvd., was bought by a California-based private investment group represented by David Tran of Transmercial. According to the Transmercial website, the 19,500-square-foot building has sold for roughly $3.8 million and benefited from a $2.4 million loan.
“The strong tenancy and lease terms at the properties ensure a steady, appreciating cash flow for buyers,” said Brett Buchwald, vice president of health-care investment sales for Ackerman Medical, in prepared remarks. He also added that the sale process took nearly two years to complete and involved the renegotiation of five leases on behalf of SWAN and the other main tenant, DaVita Dialysis. Buchwald is part of Ackerman Medical since August 2018, having joined the company from Marcus & Millichap.
Image courtesy of Ackerman & Co.