The U.S. CBRE Healthcare Capital Markets Group acted as the exclusive advisor for the sale of the Morrow Medical Center in Morrow, Georgia.
Sale Date: June 24, 2015
Sale Price: $7,500,000
Price PSF: $198
Building Size: 37,813 SF
Year Built: 1991
Occupancy: 100%
The CBRE U.S. Healthcare Capital Markets Group is pleased to announce the sale of the Morrow Medical Center for $7,500,000, or $198 per square foot. Lee Asher and Chris Bodnar of the U.S. Healthcare Capital Markets Group acted as the Seller’s exclusive advisors.
The Morrow Medical Center is located in the city of Morrow, Georgia within Clayton County. Completed in 1991, the building consists of 37,813 square feet across two floors and is 100% leased by two tenants – Clayton Eye Center and Atlanta Medical Center, a subsidiary of Tenet Healthcare.
Clayton Eye Center, one of the leading eye practices in metro Atlanta, leases 66% of the Property. With eleven doctors and over 100 employees, the practice offers general eye care, treatment for glaucoma, cataracts and laser surgery, contact lenses and a full-service optical shop. In addition, their space features a surgery center with a CON and includes a research and development facility approved for FDA test trials. The practice has been a local institution since 1974, catering to the eye care needs of Clayton County and the south Atlanta metro area.
Tenet Healthcare’s Atlanta Medical Center leases the remaining 34% of the Property for use by their family practice. The practice, which includes five physicians, treats the full breadth of family medicine and serves as the hospital’s family medicine residency training program. Atlanta Medical Center, an acute care hospital that has a combined 762 beds between its campuses in downtown Atlanta and East Point, Georgia, is the second largest licensed-bed hospital in the state. The medical center is a subsidiary of Tenet Healthcare, one of the largest health systems in the country and a Fortune 500 company.
For more information on this sale, or if we can help with your healthcare real estate holdings, please contact us:
CBRE U.S. Healthcare Capital Markets Group
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