FOR IMMEDIATE RELEASE
The Class A medical office building recently underwent a major repositioning
Atlanta – November 9, 2022 – CBRE has announced the sale of Northwest Medical Center, a four-story, 149,202-sq.-ft. medical office building in Buckhead, an upscale neighborhood of Atlanta. A joint venture between Harrison Street and HealthAmerica Realty Group sold the property for an undisclosed price. Lincoln Advisors, an affiliate of Dallas-based Lincoln Property Company, acquired the property.
Lee Asher, Zack Holderman, Jordan Selbiger, Trent Jemmett and Cole Reethof with CBRE represented the sellers and procured a buyer.
“CBRE was able to source a buyer who was comfortable closing in the midst of multiple large-scale projects, including a major tenant build-out on the terrace level and construction of an additional parking structure on the north side of the property. During ownership, the sellers successfully completed a major repositioning of the building, returning the facility to a premier medical office building in the Buckhead submarket,” said Mr. Asher, Vice Chairman with CBRE’s Healthcare & Life Sciences Capital Markets practice in Atlanta.
Located at 3280 Howell Mill Road, Northwest Medical Center is currently 81 percent leased to 25 tenants with a weighted average remaining lease term of approximately 9.4 years. The tenants of Northwest Medical Center offer a diverse range of complementary services including internal medicine, dermatology, gastroenterology, orthopedics, OB/GYN, physical therapy, dentistry, concierge medicine, oral surgery, ENT, plastic surgery, periodontics, and imaging.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Contact:
Ryan Salchert
+1 919 607 0132
Ryan.salchert@cbre.com
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