ATLANTA—Acworth Medical Complex, a 39,000-square-foot medical office building in the Atlanta suburb of Acworth, has traded hands. American Healthcare Investors and Griffin Capital, co-sponsors of Griffin-American Healthcare REIT III, acquired the healthcare real estate for $6.545 million.
“Acworth Medical Complex is affiliated with two of Atlanta’s most prestigious hospital systems in Emory and Northside,” says Dan Prosky, a principal of American Healthcare Investors and president and COO of Griffin-American Healthcare REIT III. “Additionally, it is both an attractive and modern medical office building, having undergone a comprehensive renovation in 2009.”
Located at 4769, 4791 and 4797 South Main Street, Acworth Medical Complex is about 83% leased to four tenants. Emory Specialty Associates, a wholly owned subsidiary of Emory Healthcare, Northside Hospital, and Eldercare Pharmacy have locked down 69% of the space through June 2010. Medical services like pharmacological, nursing, cardiac imaging, and cancer care are provided at the medical office complex.
Emory Healthcare, the building’s principal tenant, is the largest comprehensive healthcare system in Georgia. It has 1,830 licensed patient beds, 9,000 employees, and more than 20 health centers in Greater Atlanta. Moody’s has given Emory an Aa2 credit rating.
The healthcare REIT acquired Acworth from unaffiliated third-party investors represented by Spencer Coan of SK Commercial Realty. Griffin-American financed the acquisition using cash on hand.