American Healthcare Investors purchases the Class A medical office building in Atlanta’s fast-growing I-20 Healthcare corridor.
ATLANTA, March 26, 2019 – Ackerman Medical, a division of Ackerman & Co., has sold Hillandale Physician Place, a Class A multi-tenant healthcare center located in Lithonia, Ga., only steps from Emory Hillandale Hospital, for $10,600,000 ($265 per SF). The buyer was American Healthcare Investors, a California-based real estate investment firm that specializes in acquiring and managing healthcare real estate.
Developed by Ackerman Medical with physician joint-venture partners, the best-in-market medical office building was completed in September 2015. Ackerman Medical’s Brett Buchwald and Andrew Murphy of Highgate Partners represented ownership in the transaction. Ackerman brokers Kevin Ehringer and Bryan Davis led the successful leasing effort at the property.
The complementary mix of medical practices at Hillandale Physician Place focuses on the healthcare needs of this community, including the diagnosis and treatment of diabetes. The tenants, all premier physician practices and medical leaders, include Harper and Associates Family Medicine, Peachtree Immediate Care, Ankle and Foot Centers of Georgia, Thomas Eye Group, Georgia Vascular Specialists, Georgia Nephrology and Regional Medical Group.
“This was an excellent opportunity for the buyer to purchase the highest-quality medical office building in Lithonia in the increasingly competitive I-20 healthcare corridor,” said Ackerman Medical Principal John Willig, who oversaw the development of the property. “Hillandale Physician Place, with its strong tenant lineup and strategic location, is poised to meet the rising healthcare demand in this high-growth market while generating strong, reliable income for the buyer for years to come.”
Hillandale Physician Place benefits from its location across from Emory Hillandale Hospital, a 100-bed facility that Emory Healthcare added to its growing Atlanta-area portfolio as part of its acquisition of DeKalb Medical in 2018. The largest hospital system in Atlanta, Emory Healthcare owns 10 hospitals across the metro area. Emory Healthcare, along with Piedmont Healthcare and Northside Hospital, have expanded into the I-20 corridor with recent acquisitions of community hospitals.
Ackerman Medical received 10 offers on the property by creating a national auction that attracted institutional investors including REITs, pension funds, private equity firms and offshore capital. The 6,400-square-feet of remaining prime, first-generation space in the medical building is now being leased by Kevin Ehringer.
About Ackerman & Co.
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired more than 37 million square feet of office, medical, industrial, retail and mixed-use space, has nearly 8 million square feet under management and maintains an investment portfolio valued at $1 billion. For more information, visit www.ackermanco.com
Since 2000, Ackerman Medical has developed and owned nearly 2 million square feet of medical office space across metro Atlanta. As a leading owner and developer of medical office buildings, Ackerman Medical manages its properties to the highest institutional standards.