330 Physicians Building

The 330 Physicians Center on the campus of Floyd Medical Center, has been sold to a real estate investment trust based in Florida. The property is one of nine in Georgia and North Carolina acquired by CNL Healthcare Properties right before the end of the year. (Doug Walker, RN-T)

A Florida-based real estate investment trust has acquired 330 Physician Center on the Floyd Medical Center campus as part of a $238 million deal for nine properties in Georgia and North Carolina.

The CNL Healthcare Properties deal is one of the larger medical facilities transactions in the United States this year.

According to documents filed with the U.S. Securities and Exchange Commission, CNL Healthcare Properties paid $30.1 million for the 330 Physicians Center building. The land is owned by the Hospital Authority of Floyd County.

The 109,823-square-foot outpatient medical office complex is completely leased out to FMC and Harbin Clinic offices. None of the operations in the building are expected to change.

“We were aware of the hospital and enthusiastic about its success in the North Georgia region,” sad James Schmid, vice president of healthcare acquisitions for CNL.

“The building is physically connected to the hospital and features long-term leases to two strong tenants … Both of these factors are key to us as we pursue acquisitions of medical facilities.”

The center was owned by a partnership of Floyd Healthcare Management, Harbin Clinic, several individual physicians and Meadows & Ohly, a manager of healthcare real estate in the eastern United States.

“The partnership, due to favorable conditions in both the real estate and financial markets, decided that it was advantageous to enter into a sale,” said Kurt Stuenkel, president of FMC and a member of Floyd Healthcare Management.

Stuenkel said that Meadows & Ohly helped put together the office building project a decade ago.

The partnership kept them on as manager, he said, and gave them a slice of the ownership.

“The sale met the objectives of our investment partners and the long-term goals of our organization,” said Van Fletcher, vice president and principal of Meadows & Ohly. “CNL Healthcare Properties has a deep capacity to execute complex transactions, understands the healthcare marketplace and will be an excellent long-term partner for the clients we serve together.”

CNL executives had previously been involved with the Kindred Hospital project, also adjacent to FMC.


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