JOHNS CREEK, Ga. — Parsons Meadow Professional Park, a 32,069 square foot medical office building in Johns Creek, recently sold for $5.9 million.
Cushman and Wakefield, a large real estate services firm, arranged for the sale on behalf of Rushmore Properties.
“This transaction is a great example of the resiliency of the medical office investment market,” said Travis Ives, U.S. Capital Markets Team member for Cushman and Wakefield. “We launched this deal at the onset of the pandemic, during a time when many transactions in other investment sectors were hitting pause.”
Located at 10700 Medlock Bridge Road, Parsons Meadow Professional Park is 96 percent leased to a variety of medical specialties such as primary care, dental, plastic surgery, dermatology, physical therapy, allergy and endocrinology. Cashman and Wakefield credited Emory of Johns Creek Hospital, part of the Emory Healthcare system and a top-tier provider in the Atlanta market, as another driving factor for the demand for medical space in the Johns Creek area. Parsons Meadow is located within a 10-minute drive to Emory of Johns Creek Hospital.
Healthcare work plays a large role in the economy of Johns Creek. The city reports there are more than 200 businesses in the city and more than 3,500 people from Johns Creek in the healthcare workforce.
“The city is pleased to hear of the successful sale of the Parsons Meadow Professional Park building,” Johns Creek Communication Director Bob Mullen said. “The building itself is strategically aligned with the medical office and healthcare industry, a primary target for future business growth and an industry which helps to drive the local economy, as is evidenced by our largest employers such as Emory Johns Creek Hospital and Alcon.”
Mullen added that Johns Creek is attractive to healthcare and med-tech industries for relocations or new offices due to the city’s educated workforce and the quality of life provided through housing options, safety, recreational amenities and the highly ranked school system.
This sale comes at a time when the city is in the beginning stages of appointing committee members to the iHEART Johns Creek Advisory Committee to the City Council. Adopted in 2018, iHEART Johns Creek is a strategic focus on innovation and wellness. The goal is to create a stronger residential and business community and provides opportunities for all within Johns Creek to participate and contribute to the aspiration to be a top city in healthcare innovation and wellness.
Johns Creek currently has seven medical office properties listed for sale, according to LoopNet, an online commercial real estate marketplace. The buildings range from 1,000 to 13,000 square feet of space.