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 isstrategically located directly across the street from the North FultonRegional Hospital campus. The property features abundant parking with a totalof 262 spaces, resulting in a parking ratio of 5.1 spaces per 1,000 squarefeet.
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North Fulton Regional Hospital (NFRH), managed by Tenet HealthcareCorporation, is a 167-bed acute-care hospital that serves North Fulton and thesurrounding counties, and is one of only three Level II Trauma Centers in theMetro Atlanta area. Built in 1983, the hospital employs more than 1,000 staffmembers, 400 physicians, and nearly 200 volunteers. Currently, the hospital isundergoing a $50 million master renovation and construction plan that willcontinue over the next 12 months and add ten new exam and treatment rooms, anew trauma room, and numerous other key services to the hospital.
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"Northmeadow Medical Center is an exceptional addition to our growingportfolio of properties," explained Danny Prosky, vice president ofacquisitions for NNN Healthcare/Office REIT, Inc. "This acquisition offerssuperior access to a major hospital, has leases in place that do not begin toexpire until 2012, and is located in a growing region."
Northmeadow Medical Center is approximately 99 percent leased to numeroustenants, including Northside Hospital, North Fulton Urology, and North PointPulmonary.
NNN Healthcare/Office REIT purchased Northmeadow Medical Center fromNorthmeadow Parkway, LLC, which was represented by Gary Lee and Andrew Murphyof Carter Real Estate. Financing was provided by LaSalle Bank NationalAssociation. Asset management services will be provided by NNN RealtyAdvisors, Inc.
As of October 31, 2007, NNN Healthcare/Office REIT has sold approximately18.1 million shares of its common stock, excluding the shares issued under itsdistribution reinvestment plan, for more than $180 million through its initialpublic offering, which began in the third quarter of 2006.
NNN Healthcare/Office REIT offers a monthly distribution of 7.25 percentper annum and has made fourteen other geographically-diverse acquisitions:
Including the purchase of Northmeadow Medical Center, NNNHealthcare/Office REIT has acquired a portfolio of properties valued in excessof $294 million.
NNN Realty Advisors, Inc., a nationwide commercial real estate assetmanagement and services firm, is the sponsor of NNN Healthcare/Office REIT,Inc. NNN Realty Advisors and affiliates manage a growing portfolio of morethan 39.1 million square feet of real estate, including approximately 10,100apartment units, with a combined market value approaching $5.4 billion. NNNRealty Advisors and affiliates are currently buying and selling propertiesthroughout the United States, offering a full range of commercial real estateinvestments, including tenant-in-common (TIC) programs for investorsstructuring tax-deferred (like-kind) exchanges under Section 1031 of theInternal Revenue Code, real estate investment trusts (REITs), value addedproperty funds, and institutional investments.-- 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 Gl
