The 104,000 square foot Triad Medical Center is planned for a site adjacent to a large outpatient campus as well as a growing live-work community in Alpharetta, Ga. Rendering courtesy of Triad Properties
Project is proposed near medical campus in growing Alpharetta, Ga., community
By John B. Mugford
If there was a hot site to develop a new medical office building (MOB) in Alpharetta, Ga., a growing community about 25 miles north of Atlanta, it would undoubtedly be near:
- Avalon, a still-emerging 86-acre live-work community;
- The large Northside/Alpharetta Medical Campus;
- The major hub of Old Milton Road and Georgia State Route 400; and
- A future Metropolitan Atlanta Rapid Transit Authority (MARTA) station that heads to downtown Atlanta.
That’s exactly where, on an 11.6-acre parcel, that Huntsville, Ala.-based Triad Properties, operating as Triad-Newcastle LLC, is planning to build a new MOB.
Triad’s plan was first announced in 2015 when the company, which has developed a number of MOBs during its 25-year history, acquired the site adjacent to Atlanta-based Northside Hospital’s 140-acre campus, which is not home to a hospital but includes about 700,000 square feet of outpatient space, including surgery facilities.
The developer’s proposal made news recently when the company submitted its plans for the project to the Alpharetta Design Review Board. Those plans call for a $26 million, four-story, 104,000 square foot “Class A” MOB with the possibility of an ambulatory care center.
In statements distributed to news outlets, William Stroud, Triad principal, said: “Alpharetta is experiencing explosive growth and the need for high-quality, specialized healthcare services is in high demand.”
Much of that growth stems from the Avalon planned community, which is nearing completion of its first phase and could eventually be home to 570,000 square feet of retailers and restaurants, including a 12-screen movie theater, 800 residences, 750,000 square feet office space and office lofts in a Gigabit community, a 330-room hotel and a 47,000 square foot convention center.
According to the U.S. Census Bureau, Alpharetta’s population stood at nearly 64,000 residents as of 2015, up from 57,501 in 2010.
Recently signing a lease for 43,000 square feet of space in the first office building completed in the project, the 224,000 square foot 8000 Avalon, is Microsoft Corp. (NASDAQ: MSFT). The office building was developed by Houston-based Hines and Atlanta-based Cousins Properties (NYSE: CUZ).
As for Triad’s planned MOB, Atlanta-based HealthAmerica Realty Group, a long-standing healthcare real estate (HRE) firm in the market, is providing leasing services for the project. According to marketing materials from HealthAmerica, the property sits at the “gateway” of the medical corridor.
In addition, one of the advantages provided to prospective medical tenants is that, unlike being on the Northside campus, Triad’s facility will not require any use restrictive covenants.
The building has been designed for a “patient-centric delivery model,” the materials add, with an opportunity for tenants to provide urgent care, labs, imaging, primary and specialty care services, as well as a pharmacy and retail.
“There is a lot of interest in the building,” says Leo Griffin, a leasing agent for HealthAmerica. “It has all of the makings of being a very successful medical facility.”
The demographics of the area are also strong, according to HealthAmerica. About 185,000 people live within five miles of the property, with the population increasing to 233,288 during daytime hours. The average household income is $109,907.
The architect on the project is Atlanta-based Smallwood, Reynolds, Stewart, Stewart & Associates Inc., and the general contractor is Choate Construction, which has an office in Atlanta.
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