Woodside Expands Atlanta MOB Footprint

Research Court. Image courtesy of CommercialEdge

Woodside Health has acquired Research Court, an 80,000-square-foot medical office building in Suwanee, Ga. Crossgate Partners sold the Class B asset. Woodside paid $12.1 million for the facility and financed the acquisition with a $9.8 million loan, originated by Independent Bank, CommercialEdge data shows.

The property previously traded in 2020, when Crossgate bought it from Alta Properties for $10 million, financing the purchase with a $6.6 million loan from Delta Community Credit Union.

Research Court encompasses two one-story buildings that came online in 2001 on a 6.4-acre site. The asset was 88 percent occupied at the time of sale, its roster featuring a mix of both medical and office tenants.

Woodside Health Principal Ben Sheridan said, in prepared remarks, that the property has a significant pediatric therapy component which means the vacant spaces will be leased to pediatricians first. Other tenants include Southern Medical Associates and Fresenious Kidney Care.

Located at 5000-5050 Research Court, the property is 30 miles from downtown Atlanta and has access to State Route 141. Emory Johns Creek Hospital is less than 1 mile away. Other medical facilities in the surrounding area include American Health Imaging Johns Creek, Northside Johns Creek Hospital and Midwest Medical Enterprises.

Woodside’s footprint expansion

The current acquisition is Woodside’s third in Atlanta MSA and the 49th addition to its portfolio. The company also owns Teron Trace, a Class A, 32,000-square-foot medical office building in Dacula, Ga., and Tree Lane Medical, a 33,000-square-foot, five-building asset in Snellville, Ga.

The company kicked off 2023 with the recapitalization of a 10-property, 423,0000-square-foot medical office portfolio, in a transaction valued at $140 million. And, earlier this month, Woodside paid $26.7 million for a 124,000-square-foot medical office campus in Henderson, Nev.