FOR IMMEDIATE RELEASE
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.
Gina Relva, VP of Public Relations
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