Navigation Links
NNN Healthcare/Office REIT Acquires Northmeadow Medical Center in Roswell, Georgia
Date:11/20/2007

SANTA ANA, Calif., Nov. 20 /PRNewswire/ -- NNN Healthcare/Office REIT, Inc. has acquired Northmeadow Medical Center. The acquisition closed on November 15, 2007.

Northmeadow Medical Center is an approximately 51,000-square-foot, multi-tenant medical office building in the Atlanta suburb of Roswell, Georgia. Built in 1999 on nearly five-and-a-half acres, the property is strategically located directly across the street from the North Fulton Regional Hospital campus. The property features abundant parking with a total of 262 spaces, resulting in a parking ratio of 5.1 spaces per 1,000 square feet.

North Fulton Regional Hospital (NFRH), managed by Tenet Healthcare Corporation, is a 167-bed acute-care hospital that serves North Fulton and the surrounding counties, and is one of only three Level II Trauma Centers in the Metro Atlanta area. Built in 1983, the hospital employs more than 1,000 staff members, 400 physicians, and nearly 200 volunteers. Currently, the hospital is undergoing a $50 million master renovation and construction plan that will continue over the next 12 months and add ten new exam and treatment rooms, a new trauma room, and numerous other key services to the hospital.

"Northmeadow Medical Center is an exceptional addition to our growing portfolio of properties," explained Danny Prosky, vice president of acquisitions for NNN Healthcare/Office REIT, Inc. "This acquisition offers superior access to a major hospital, has leases in place that do not begin to expire until 2012, and is located in a growing region."

Northmeadow Medical Center is approximately 99 percent leased to numerous tenants, including Northside Hospital, North Fulton Urology, and North Point Pulmonary.

NNN Healthcare/Office REIT purchased Northmeadow Medical Center from Northmeadow Parkway, LLC, which was represented by Gary Lee and Andrew Murphy of Carter Real Estate. Financing was provided by LaSalle Bank National Association. Asset management services will be provided by NNN Realty Advisors, Inc.

As of October 31, 2007, NNN Healthcare/Office REIT has sold approximately 18.1 million shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for more than $180 million through its initial public offering, which began in the third quarter of 2006.

NNN Healthcare/Office REIT offers a monthly distribution of 7.25 percent per annum and has made fourteen other geographically-diverse acquisitions:

-- East Florida Senior Care Center Portfolio in Jacksonville, Winter Park,

and Sunrise, Florida;

-- 2750 Monroe Boulevard in Valley Forge, Pennsylvania;

-- St. Mary Physicians Center in Long Beach, California;

-- Kokomo Medical Office Park in Kokomo, Indiana;

-- 1 and 4 Market Exchange in Columbus, Ohio;

-- Gwinnett Professional Center in Lawrenceville, Georgia;

-- Triumph Hospital Northwest and Triumph Hospital Southwest in Greater

Houston, Texas;

-- Thunderbird Medical Plaza in Glendale, Arizona;

-- Shakerag Medical Center and Yorktown Medical Center in Fayette County,

Georgia;

-- Commons V Medical Office Building in Naples, Florida;

-- Lenox Office Park Building G in Memphis, Tennessee;

-- The Gallery Professional Building in St. Paul, Minnesota;

-- Crawfordsville Medical Office Park and Athens Surgery Center in

Crawfordsville, Indiana; and

-- Southpointe Office Parke and Epler Parke I in Indianapolis, Indiana.

Including the purchase of Northmeadow Medical Center, NNN Healthcare/Office REIT has acquired a portfolio of properties valued in excess of $294 million.

NNN Realty Advisors, Inc., a nationwide commercial real estate asset management and services firm, is the sponsor of NNN Healthcare/Office REIT, Inc. NNN Realty Advisors and affiliates manage a growing portfolio of more than 39.1 million square feet of real estate, including approximately 10,100 apartment units, with a combined market value approaching $5.4 billion. NNN Realty Advisors and affiliates are currently buying and selling properties throughout the United States, offering a full range of commercial real estate investments, including tenant-in-common (TIC) programs for investors structuring tax-deferred (like-kind) exchanges under Section 1031 of the Internal Revenue Code, real estate investment trusts (REITs), value added property funds, and institutional investments.


'/>"/>
SOURCE NNN Healthcare/Office REIT, Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. NNN Healthcare/Office REIT Acquires St. Mary Physicians Center in Long Beach, California
2. NNN Healthcare/Office REIT Acquires 2750 Monroe Boulevard in Valley Forge, Pennsylvania
3. Cogdell Spencer Inc. Acquires Summit Professional Plaza I and II in Brunswick, Georgia
4. Omnicom Acquires Leading Healthcare Marketing Communications Firm in China
5. Food Bank For New York City Acquires FoodChange
6. Simcere Pharmaceutical Group Acquires a 51% Stake in Boda Pharmaceutical Co., Ltd.
7. UTC Power Acquires Dome-Tech Group
8. Concentra Acquires Assets of Renew Health & Wellness
9. DaVita Acquires Majority Stake in HomeChoice Partners, Inc.
10. Hologic Acquires Biolucent, Inc.
11. Radiation Therapy Services Acquires North Carolina Facility
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... ... October 13, 2017 , ... “The Journey: From the Mountains to ... to save lost souls in the Philippines. “The Journey: From the Mountains to the ... teacher of the Bible. She has taught all ages and currently teaches a class ...
(Date:10/12/2017)... ... October 12, 2017 , ... Planet Fitness, one of ... announced today its plans to open a flagship location in Covington, LA at 401 ... Rooms To Go store next to Office Depot in the Holiday Square shopping center. ...
(Date:10/12/2017)... ... October 12, 2017 , ... Asante, a nationally recognized ... have expanded their existing home health joint venture through an agreement, effective October ... a joint venture home health company with Asante, delivering clinically integrated care, for ...
(Date:10/12/2017)... ... , ... Leading pediatric oncology experts at Children’s National Health System ... of the International Society of Paediatric Oncology (SIOP) Oct. 12-15. Chaired by ... Blood Disorders at Children’s National, and Stephen P. Hunger, M.D., Chief of the ...
(Date:10/12/2017)... ... 12, 2017 , ... In the United States, single-family home ... states—like New York, New Jersey, Massachusetts, Texas, Virginia, Connecticut, and California—the average is ... low property-tax rates, which contributes to the relatively lower cost of living in ...
Breaking Medicine News(10 mins):
(Date:10/12/2017)... Oct. 12, 2017   Divoti USA will ... to the standard of the latest FDA requirements, which stipulates new ... Anyone in need of Medical ID jewelry such as Medical ... are engraved in terms of the new FDA requirements ... Divoti offers this dark ...
(Date:10/11/2017)... , Oct. 11, 2017  BioPharmX Corporation (NYSE MKT: ... that developed an innovative way to use nonlinear optical ... delivery of new drugs. ... Dermatology Conference will show how researchers from BioPharmX and ... Medical School used a suite of imaging techniques in ...
(Date:10/11/2017)... Texas , Oct. 11, 2017  True ... services, has amplified its effort during National Breast ... about hereditary cancer risks. ... of Clinical Oncology calculated that more than 10 ... have inherited mutations in BRCA1 or BRCA2 and have ...
Breaking Medicine Technology: