In separate transactions, Newmark Grubb Knight Frank (NGKF) Global Healthcare Services has negotiated the $39.9 million sale of Peachtree Dunwoody Medical Center in Atlanta, and a four-building portfolio sale in the Atlanta submarkets of McDonough and Conyers, Ga., for an undisclosed sum.
Todd Perman and Garth Hogan, executive managing directors with NGKF Global Healthcare Services, represented the sellers in both deals.
In the larger transaction, North American Property Corp. sold Peachtree Dunwoody Medical Center to Physicians Realty Trust (NYSE:DOC). The 131,000-square-foot building at 5505 Peachtree Dunwoody Road was approximately 96 percent occupied at the time. Tenants include Northside Hospital, Peachtree Orthopedics and an assortment of other healthcare providers. The building is convenient to the main Northside Hospital campus and to Emory-St. Joseph’s Hospital and the Scottish Rite Children’s Hospital.
Separately, Mr. Perman and Mr. Hogan represented Steele Properties I, LLC, a local partnership, in the sale of four medical office buildings to ELFP Atlanta MOBs, LLC. The assets are at 65 Old Jackson Road, 1502 W. 3rd St., 2200 Highway 155 N., all in McDonough; and at 1101 Nor Tec Drive in Conyers. The portfolio amounts to 68,711 square feet, and is leased to Eagles Landing Family Practice, which offers full-service primary care.
“These transactions illustrate the diverse investor base interested in Atlanta’s medical office product today,” said Mr. Perman, who is based in NGKF’s Atlanta office. “Our clients were able to choose from among multiple potential buyers to garner the best sales prices, one selling to a partnership and the other to a real estate investment trust.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.