FOR IMMEDIATE RELEASE
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ABINGDON, Va., Nov. 8, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Ballad Health Urgent Care Clinic, a 30,000 square foot medical office building in Abingdon, Virginia. The property traded for $12.4 million.
“Built in 2011, this asset is situated on just over 4 acres off of Interstate-81, providing great accessibility and visibility for patrons,” said Anthony Lunceford, IPA senior managing director investments. “Ballad Health, a nationally recognized, locally focused healthcare system, supporting the Tri-Cities, East Tennessee and Southwest Virginia, occupies the entire building on a long-term credit lease.” Lunceford and Joe Massa, represented the buyer, AW Property Co. in the transaction.
Ballad Health Urgent Care Clinic benefits from its proximity to Johnston Memorial Hospital, a 116-bed modern medical facility located just over a mile away from the subject property.
“This transaction involved repeat clients, specifically the buyer who was looking to add to their already existing Ballad Health portfolio,” added Lunceford.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.
Contact:
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
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