ERE Healthcare Real Estate Advisors (“ERE”) is pleased to announce the successful sale of a 44,162 SF Medical office portfolio in Ellijay, GA.
ERE was engaged by a regional operator of hospitals in Georgia, to dispose of the asset to capitalize on the new long-term lease in an aggressive market environment. Although the new lease, with a leading non-profit health system serving the Atlanta metropolitan, had been executed, the tenant had yet to commence their physician recruitment for the facility, leaving the property “dark” during the real estate marketing process. In addition, the facilities were located in a remote market with a population of 1,600 people and a low likelihood of re-leasing in the event of tenant default or vacancy.
ERE conducted a competitive bidding process targeting nationwide institutional investors, Atlanta focused investment funds, and 1031 exchange buyers. The transaction closed successfully and on schedule, at a value 50% above a recent appraisal, creating a windfall profit for the client.
The transaction was led by Collin Hart