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Launched on 24 February to the BizNews community OrbVest is now closing and acquiring the Lakeside Professional Centre in Duluth, Atlanta. But there is still some equity available for investors.
“Our investment committee gave the final approval for us to move forward and acquire this prime medical building. We have raised most of this property’s equity and secured exceptionally well-priced debt from South State Bank at 6.25% fixed for five years. So it’s all lined up to close two weeks from now on Tuesday the 30th,” said Justin Clarke, COO of OrbVest.
The 23,555 SF Lakeside Professional Centre is 100% occupied by seven medical tenants, predominantly a dental node where the specialist dentists depend on each other for referrals, and 3 of the tenants have been in the building since it was built. This Class A medical office is a simple single-story low maintenance building with almost no common area, and the leases are all NNN (tenants are responsible for nearly all costs of operating the facility), which reduces the risk of inflation-related costs impacting your return.
“We are extremely risk averse in light of the current volatile market and have steered clear of higher risk “value add” medical buildings and have been prepared to stay out of the market for as long as necessary to wait it out,” says Justin. “Then we find an exception, and this is one.” The investment has been rated CORE.
The building is in the central growth corridor of Atlanta, in the affluent city of Duluth in Gwinnett County, nestled between the I-85 and Georgia 400, the two major state highways, and only 4 miles from Northside Hospital Duluth, an acute 122-bed hospital. OrbVest will be the sponsor, and the building is only a few miles from their Atlanta office.
If you would like more information please visit www.orbvest.com.
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