Monday, February 28, 2011
Atlanta, Georgia - Our Net Lease Properties news is on the Medical Office Buildings (MOB) sector of commercial real estate. A net leased property that was a medical office building REO sold for $10,100,000. The net leased property is the Marietta Medical Center. This MOB Net leased property is located at 790 Church St. in Marietta, Georgia. Marietta is one of metro Atlanta's largest suburbs with some affluent neighborhoods. A Joint Venture (JV) bought this net leased property from a Credit Union.
This joint venture (JV) was made up of a local Atlanta-based commercial real estate company, Ackerman & Co. and the Boston-based Marcus Partners. The Net Leased Property seller was the State Farm Federal Credit Union. The net leased property sold for $10,100,000, which equates to about $104 per square-foot. The joint venture is called Marietta Medical Center LLC, for the acquisition of this net leased property.
The (MOB) net leased property was built in 1989, and had renovations completed in 2002. New renovations are planned to help increase the net operating income (NOI). The net leased property is situated on approximately 4.9-acres of commercial zoned land that is rectangular shaped. This net leased property is a five-story, well built concrete building. The net leased property is approximately 98,541 square-feet with the zip code of 30060, in Cobb County, Georgia.
This Georgia (MOB) medical office building is approximately 54% net leased. The buyers, Marietta Medical Center LLC are in belief with their local Atlanta net lease expertise that they will increase their occupancy. This net leased property was well designed with two-level entrances which are highlighted by a two-story atrium. This lush atrium overlooks an exterior patio area, which can enable the property to attract new tenants in the Medical profession. There is ample parking with a three-level parking deck that consists of over 410 parking spaces. This parking deck has access to the MOB on both the ground level and first floor.
The net leased property has advantages being less than five minutes from both I-75 and the revamped downtown Marietta Square. Interstate 75 is a major north-south highway which provides access to both Hartsfield International Airport and the Atlanta metropolitan area. This net leased property has an elevated position making it attractive to net leased tenants who enjoy its magnificent panoramic views of the surrounding areas. This Marietta area is prime for NNN Commercial Real Estate investments.
Global Investment House (Global) had owned this MOB back in 2006. Global Investment House had a strategy that was formulated to acquire these Medical Office Buildings for their investment property portfolio. The total value of the Net lease investment in 2006 was approximately $21 Million. However, Global Investment House had an equity position which was approximately $7.4 million.
The NNN Lease Investment owner in 2002 had started a comprehensive renovation that included the installation of a new chiller, the updating and reconfiguration of the lobby, the resealing the net lease property's windows, the replacement of half of the roof's surface and the resealing of the expansion joints in the parking deck.
The net leased property has an excellent location across the street from WellStar Kennestone Hospital. The WellStar Kennestone Hospital is a 493-bed regional hospital, which helps make this net lease investment very attractive. The Atlanta suburb hospital services a region of more than 600,523 people. The hospital's emergency room is ranked as the Georgia's busiest (ER) room. The WellStar Kennestone Hospital has been known to treat up to 100,000 patients or more.
Contact Net Lease Properties to purchase NNN Property or for 1031 exchange replacement property.
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If you are ready to purchase Commercial Real Estate or a Triple Net Leased Property, you can apply for Commercial Loans at Loanrise.com.
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