Caddis Acquires Atlanta-area Medical Building
National healthcare real estate firm recently closed on the 81,627 square foot Gwinnett Medical Building, increasing the company’s presence in the market to 10 healthcare assets
ATLANTA and DALLAS, Sept. 10, 2014 – Leading national healthcare real estate firm Caddis Partners LLC (Caddis) has acquired the 81,627 square foot Class A Gwinnett Medical Building in Lawrenceville, Ga., just northeast of Atlanta. The property is immediately adjacent to Gwinnett Medical Center – Lawrenceville, Gwinnett Health System’s primary Atlanta-area hospital and one of the premier health campuses in Northeast Georgia.
“This is a solid asset and a strategic acquisition for Caddis,” says Matt Mattox, an Executive Vice President and Partner with the Dallas-based firm. “The medical building is located at the main entrance to Gwinnett Health System’s flagship hospital campus, and includes providers sponsored by the health system as well as those that are part of established, private medical practices. We feel the building is positioned for long-lasting stability and success and we stand committed to operating the building in a manner that is representative of the excellent care being provided within.”
“We are very pleased to serve Gwinnett Health System, which has the largest patient base in the county and a reputation for delivering superior healthcare services,” adds Barrett Freeman, Caddis’ Director of Acquisitions. “This is a prime location for our newest acquisition in metro Atlanta. Gwinnett is one of the nation’s fastest-growing counties, and both on- and off-campus medical office buildings in the sub-market have experienced significant occupancy and rental growth in the past six months.”
“With this acquisition, our established Atlanta property management team is now responsible for 10 healthcare assets totaling approximately 425,000 square feet that we own and/or manage,” Mr. Mattox notes. “The acquisition of Gwinnett Medical Building represents our continued commitment to increasing our presence in Atlanta and throughout the Southeast.”
Located at 575 Professional Drive in Lawrenceville, the five-story Gwinnett Medical Building houses a wide variety of complimentary healthcare services, including primary care, ophthalmology, neurology, nephrology, pediatric orthopedics, rehabilitation, lab, and a pharmacy. Gwinnett Health System comprises a significant portion of the in-place tenancy while offering outpatient services, including pain management, brain and spine, and imaging center.
The building is in a visible, high-traffic area just 30 miles from downtown Atlanta and with easy access to Georgia Highway 316 and U.S. Interstate 85. It is also only one mile from downtown Lawrenceville, which provides abundant restaurant, shopping and hotel amenities.
Caddis internally funded the equity for the transaction. Debt was provided by GE Capital, Healthcare Financial Services. The GE team included Erik Tellefson, Managing Director for Real Estate, and Dan Eppley, Senior Vice President.
Caddis will manage the facility using its existing management platform, which is headed by Tom McClain, Regional Director of Operations in Atlanta. Leasing is being handled by Atlanta-based PMRG.
A limited number of medical office suites are currently available for lease in Gwinnett Medical Building. Affiliated healthcare professionals who are interested in leasing space in the building are invited to contact Stephen Clifton, Vice President of Leasing, PMRG, at 404.671.4719 or firstname.lastname@example.org, or David Tyler, Vice President of Leasing, PMRG, at 404.671.4712 or email@example.com.
Caddis Partners LLC, is a Dallas‐based real estate development, management and investment firm focused exclusively on healthcare real estate. The firm is comprised of experienced real estate professionals across various disciplines that provide clients with expertise in development, acquisitions, financing, construction management, leasing, tenant representation, property management and accounting. Since its inception, Caddis has developed or acquired 2 million square feet of medical assets valued at over $500 million. For more information about Caddis, please visit www.CaddisPartners.com.