Preston Ridge Medical Office Building
Stonemont Financial Group has acquired Preston Ridge Medical Office Building, an 86,000-square-foot property in Alpharetta, Ga. According to CommercialEdge data, Atlanta Oncology Associates sold the Class A asset for $22.6 million.
The same data provider shows Preston Ridge was completed in 2008 on a 6.8-acre site. The four-story facility features 28,666-square-foot floorplates, two passenger elevators and controlled access. Stonemont plans to implement a capital improvement plan at the property in early 2023, Senior Vice President Matt Stone said in prepared remarks.
The property houses three single-specialty surgery centers and medical services offered include plastic surgery, dermatology, ENT and gastroenterology. Northside Hospital is the facility’s anchor tenant, providing cancer care services; Atlanta Skin Cancer Specialists, Emory Healthcare and Y Plastic & Reconstructive Surgery, among others, are also on the roster.
The medical office building is 3330 Preston Ridge Road, next to Old Milton Parkway, approximately 27 miles from downtown Atlanta. Other health-care facilities in the area include Northside/Alpharetta Medical Campus and ClearChoice Dental Implant Center. Emory Johns Creek Hospital is 7.5 miles away.
The medical office sector is still thriving
According to a recent Colliers report on health-care services, the medical office sector no longer represents a niche asset class. Medical office investments added up to $17.2 billion over the four quarters to Q2 2022, a significant increase from the $14.7 billion in the prior 12 months.
The most active market for medical office investments was Los Angeles, followed by New York, Phoenix and Dallas; Atlanta occupied the fifth position in that ranking, with transactions totaling $650 million. In one of the purchases, Lincoln Advisors acquired Northwest Medical Center, a 149,202-square-foot medical office building located 8.4 miles from downtown Atlanta.
