March 8, 2010
Ackerman & Co. Sells Major MOB Campus to National Healthcare REIT
Ackerman Medical has sold its groundbreaking Camp Creek Medical Center I and II to a national healthcare REIT for one of the highest per square foot prices in the past year.
Arizona-based Healthcare Trust of America Inc. bought the two-building medical office campus for $19.55 million, or $243 per square foot – the second highest per square foot price paid for commercial real estate in Atlanta during the past 12 months, according to Databank Inc. Camp Creek Medical Center I and II, off of Camp Creek Parkway in the Princeton Lakes area of South Fulton County, consists of 80,500 square feet of cutting-edge medical office space, and is anchored by Tenet Healthcare Corp., an exceptionally strong base of primary care, and numerous specialists. Both buildings are more than 95% occupied.
Ackerman Medical, the medical office building development, leasing and investment arm of Ackerman & Co., has been developing Camp Creek Medical Center in phases since 2005. In December of 2009, the company broke ground on Camp Creek Medical Center III, a 30,000-square-foot Class A medical office building that is already 60% is preleased to Tenet South Fulton, Orthopedics of Atlanta, Southeast Pain, and Providence Foot and Ankle Center.
Camp Creek Medical Center is uniquely positioned as the outpatient destination and therapeutic treatment center for South Fulton County. “HTA’s purchase demonstrates the exceptional value Ackerman Medical created in this healthcare asset in what was an under-served area of Atlanta,” Ackerman’s Willig said. “Ackerman Medical succeeds by satisfying the needs of Atlanta’s leading physician and hospitals.”
Justin Parsonnet, Executive Vice President, and Lee Asher, First Vice President, both with CB Richard Ellis Group in Atlanta, brokered the sale for Ackerman. Douglas Connell, Senior Vice President with Grubb & Ellis in Atlanta, represented the buyer. John Willig, Principal, and Kevin Ehringer, Vice President, both with Ackerman Medical handled the development and leasing of the campus for the ownership interest.
— ABOUT ACKERMAN —
Headquartered in Atlanta, Ackerman & Co. is one of the oldest full-service commercial real estate companies in the southeastern United States. Our expertise in four primary disciplines — brokerage, development, investment and management — enables us to quickly and effectively respond to our clients and create value through innovative real estate solutions.