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Fully-Leased Medical Office Building For Sale Near Atlanta

Wednesday, May 04, 2016

HFF, on behalf of the owner, is marketing for sale Phoenix Medical Center, a 30,465-square-foot, fully-leased medical office building within the Phoenix Corporate Business Park in the Atlanta-area community of College Park, Georgia.

Phoenix Medical Center, College Park, Georgia Phoenix Medical Center is situated on 4.9 acres at 1720 Phoenix Boulevard within the well-established Phoenix Corporate Business Park. The property is proximate to Atlanta’s Hartsfield-Jackson International Airport, the busiest airport in the world ranked by both passenger traffic and by the number of flight arrivals. Additionally, the center has access to Interstate 285, one of Atlanta’s busiest highways and a gateway to the Atlanta MSA. The one-story building consists of eight units fully-leased to a variety of doctor’s offices in the primary care, pediatric, gynecological and psychiatric specialties; physical therapists; and a pharmacy. Five of the eight tenants are affiliated with highly-regarded Atlanta-area hospitals, including Emory University Hospital and Atlanta Medical Center. The largest tenant, Piedmont Medical Care Corporation, vacated its space with more than two years remaining on the least term, allowing a new investor to maximize their return by leasing the 8,627-square-foot space to a new tenant.

Office Building Investment Benefits

  • Attractive Rollover Schedule: Approximately 10 percent of the rentable area rolls within the first two years of new ownership, providing investors a steady increase in income with tenants rolling into a favorable market rent.
  • Close Proximity to Airport: The property is located south of the airport, and the surrounding area serves as a hub for economic activity as companies seek more convenient accessibility to the airport for both clients and employees. A recent surge of corporate relocations to the airport area has allowed the North Clayton/Airport submarket to reap the benefits of high demand, decreased vacancy and increased rents.
  • High-Growth Market Fundamentals: Phoenix Medical Center is part of Phoenix Corporate Business Park, a leading micro-market in the North Clayton/Airport submarket. The submarket is fueled by the immense leasing velocity southwest and east of the property from tech companies, including Google and Amazon, and Porsche. Average vacancy rates among the 19 properties in the micro-market were 16.1 percent at the end of 2015, a 13.2 percent decrease from the previous year.
  • Discount to Replacement Costs: Construction costs are soaring in the Atlanta area, and, due to development restrictions, Phoenix Corporate Business Park buildings are especially prone to higher replacement costs, which are estimated to be higher than the anticipated value of Phoenix Medical Center.

Phoenix Medical Center is a fully-leased medical office property for sale in Atlanta’s metro area. For more information on this property or how to bid on this commercial real estate listing through Ten-X, contact HFF Managing Director Jules Sherwood in HFF’s Denver office.






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