Transwestern to Lease Atlanta MOB Portfolio

The owner invested $12 million in the three-building, 370,000-square-foot property located within the Emory St. Joseph’s Hospital campus.
Doctors Center I and II. Image courtesy of Transwestern

Lillibridge Healthcare Services, a subsidiary of Ventas, has appointed Transwestern to lease Doctors Center I, II and III, a three-building medical office portfolio totaling 370,000 square feet within the Emory St. Joseph’s Hospital campus in Atlanta. Senior Managing Director Steve Hall, Senior Vice President John Lopez and Associate Bo Stuart will spearhead the leasing efforts. In February, the team received another leasing appointment at an upcoming Atlanta medical center.

According to Yardi Matrix data, Ventas purchased the Class A portfolio in 2000 from St. Joseph Health, in a $55.7 million leasehold transaction. In 2003, St. Joseph Health, which also holds the ground lease until 2056, completed the fourth phase of the campus, a 208,500-square-foot building.

Doctors Center I, II and III occupy 6 acres at 5665-5671 Peachtree Dunwoody Road, in the Central Perimeter submarket. The portfolio consists of two three-story buildings and a nine-story asset completed in phases between 1979 and 1991. In 2019, Ventas invested $12 million in property upgrades including a new gallery area, atrium, fitness center and coffee kiosk, as well as modernized elevators.

Emory Healthcare, Resurgens Orthopaedics Atlanta and Atlanta Gastroenterology anchor the three buildings, which were 88 percent occupied when Lillibridge Healthcare Services tapped Transwestern to lease them. The tenant mix also includes Emory’s Winship Cancer Institute and healthcare specialists in cancer/oncology, cardiac care and urology.

Located some 14 miles north of downtown Atlanta in a dense area of health-care facilities that include Children’s Healthcare of Atlanta and Northside Hospital Atlanta, the property is adjacent to Emory Saint Joseph’s Hospital. Situated near Interstate 285 and Highway 400, the buildings are also accessible through public transportation, having several bus stations and MARTA’s Medical Center station nearby.