Lincoln Advisors Pays $72M for Atlanta MOB

Northwest Medical Center

Lincoln Advisors, an affiliate of Lincoln Property Co., has acquired Northwest Medical Center, a 149,202-square-foot medical office building in Atlanta. According to Fulton County records, the company paid $71.8 million for the Class A asset. A joint venture between Harrison Street and HealthAmerica Realty Group sold the property. CBRE brokered the transaction.

Completed in 1976, the four-story building underwent complete renovations in 2016, CommercialEdge data shows. Vice Chairman Lee Asher with CBRE stated in prepared remarks that, at the time of the sale, the property was under construction for additional space on the terrace level and parking structure. On-site health-care services provided include internal medicine, dermatology, gastroenterology, orthopedics, OB/GYN, physical therapy, plastic surgery and imaging, among others.

The property was 81 percent leased at the time of closing to 25 tenants with a weighted average remaining lease term of approximately 9.4 years. Its tenant roster features Dermatology Consultants, Piedmont Internal Medicine, Paragon Sports Medicine and Atlanta Orthodontic Specialists, among others.

Northwest Medical Center is located at 3280 Howell Mill Road NW in the Buckhead neighborhood, 8.4 miles from downtown Atlanta, close to Interstate 75. Other medical facilities in the area include Piedmont Hospital and Myers Sports Medicine & Orthopaedic Center.

The CBRE team which represented the sellers and procured the buyer included Vice Chairman Lee Asher, Senior Vice President Zach Holderman, First Vice President Jordan Selbiger, Senior Director Trent Jemmett and Associate Cole Reethof.

Medical offices transaction activity in metro Atlanta

According to CommercialEdge data, eight medical office buildings larger than 25,000 square feet have traded in metro Atlanta since the beginning of the year. Three of them were Class A properties.

In July, Anchor Health Properties, together with The Carlyle Group, acquired The Pavilion at Windy Hill, a 90,379-square-foot medical office building in Marietta, Ga. The same company recently bought another property 30 miles from Atlanta, a Class A building of 96,357 square feet, this time in partnership with Chestnut Healthcare Fund II.