Piedmont Capital Partners acquires former Children’s Hospital building
Piedmont Capital Partners, the investment arm of Piedmont Real Estate Group has closed on its acquisition of a former Childrens’ Hospital of Atlanta (CHOA) facility at 2201 Mount Zion Parkway in Morrow, Georgia.
Piedmont has signed a long term lease with Hearts and Hands Therapy Services, an Atlanta based pediatric therapy services provider, who will relocate its South Atlanta metro offices from McDonough to the Mt Zion Parkway building following a renovation of the property. The projected value of the property at completion of the renovation is estimated at $4.5 million.
The 15,000 square foot building was operated by CHOA beginning the late 1990’s and was utilized to provide various therapy services to pediatric patients, including autism and occupational therapy and recovery. CHOA made the corporate decision about 18 months ago to cease providing these services and shuttered several similar locations in the Atlanta area where these services were offered. Hearts and Hands provides a full range of similar services to its patients and also enjoys a long standing referral relationship with CHOA.
Piedmont, based in Woodstock, GA, assembled private capital to acquire the project and is managing the construction and renovation process for the partnership that acquired the asset. “We are focused heavily on medical office as a primary investment strategy,” said Jeff Pittman, managing principal and owner of Piedmont. “The real estate investment markets have enormous interest in these properties due to the long term nature of the leases and the stable credit profile of the tenant base. Liquidity for these properties is robust and we don’t see that changing.”
The project site is 5 acres and includes excess land for future development of additional buildings or expansion of the existing facility. Piedmont contracted with Moeller Purcell, an Alpharetta based general contractor to provide construction services.
Piedmont is also in development for the Parkway Medical Building, a 36,000 square foot medical project in Woodstock, GA on Woodstock Parkway. The site is being permitted for clearing and pre-leasing is underway. Steve Hall and John Lopez of the Healthcare Services Group of Transwestern are handling pre-leasing of the asset for Piedmont.
For additional information, please contact:
Piedmont Capital Partners, LLC