Physicians Realty Closes Purchase and Leaseback of Four Medical Office Buildings
- Mar 07, 2014
Physicians Realty L.P., an operating partnership of Physicians Realty Trust closed on the purchase and leaseback of four medical facilities located in Jackson, Conyers and McDonough.
Physicians Realty Trust is a newly set up self-managed healthcare real estate company involved in the acquisition, development, ownership and management of healthcare properties that are leased to physicians, hospitals and healthcare delivery systems. The company invests eminently in real estate that is integral to providing high quality healthcare services and Chief Investment Officer John Sweet considers this latest investment an expressive demonstration of their strategy. “This investment is a great example of the type of property we wish to own for the long term,” he says.
The office buildings are now being leased to Eagles Landing Family Practice, an Atlanta-based full service primary care facility. Eagles Landing works with over 250 employees including board certified Family Practitioners, Physician Assistants and Nurse Practitioners and has operations in 7 locations throughout Henry County, Butts County and Rockdale County.
Regarding the partnership with Physicians Realty, Nick Williams, Chief Financial Officer for Eagles Landing told the press that he is pleased to work with a group that understands medical real estate as well as the healthcare industry in general. “It is comforting to know they will be our partners as we face the evolution of healthcare delivery and healthcare policy,” he adds.
The four buildings total around 68,700 square feet and are 100% leased. The purchase price was $20.8 million representing a first year cash yield of approximately 7.5%. The buildings are subject to 15-year absolute net leases with Eagles Landing Family Practice.
Image of Eagles Landing Conyers office, courtesy of Eagles Landing Family Practice