- Location: Lawrenceville/Newnan Georgia
- Size: 45,228
- Type of Project: Investment Sale
- Service Type: Capital Markets
- Address: 720 Newnan Bypass Crossing & 721 Wellness Way
- RBA: 45,228 SF
- Occupancy: 100%
- Sale Date: 3/15/2019
- Buyer: Anchor Health Properties
- Fully Occupied Buildings – difficult to generate value from lease-up
- Small size for medical office – many smaller family-style offices are being bought up or are moving into larger projects
- “Spread out” Portfolio – buildings located at opposite ends of Atlanta, which made it difficult to value engineer from a logistics perspective
Solution: Casey identified an out-of-town buyer with a presence in the southeast, but no foothold in the Atlanta area. The Buyer was eager to gain a presence in Metro Atlanta, and liked the proximity of the Portfolio to major hospitals in growing trade areas. They were attracted to the ‘market discount’ Metro Atlanta offered when compared with like-kind assets in other regions of the United States.
Execution: After marketing the property for three weeks, Casey was able to corral a group of serious buyers. Anchor’s business model is highly tailored to the investment strategy for 720 and 721 wellness way, and as a result Anchor was able to push pricing and win the deal.