Marcus Partners Fund I acquires 98,534 SF medical office building in Marietta, GA
Marcus Partners and Ackerman & Co. are pleased to announce the acquisition of Marietta Medical Center, a 98,534 square foot medical office building in Marietta, Georgia. The property was acquired in a joint venture between Boston based Marcus Capital Partners Fund I, a $250M commingled real estate fund, and Atlanta based Ackerman & Co.
This Class A property consists of a five-story medical office building and an attached structured parking garage strategically located adjacent to WellStar Kennestone Hospital, the second largest hospital in metro Atlanta. “Marietta Medical Center is a good property that has enjoyed high occupancy for most of its life. Although currently 53% occupied, we are confident our local operating expertise and well funded new ownership with capital to fund lease commissions, tenant improvements, and planned renovations will enable us to attract new tenants to fill the vacancy. The medical office market around WellStar Kennestone Hospital is growing rapidly and we are excited to work with Marcus Partners in the execution of our upgrade and re-leasing strategy.” said Kris Miller, President of Ackerman & Co.
Paul Marcus, President of Marcus Partners, said “This transaction fits in perfectly with our investment strategy of acquiring good quality, well located, value-add commercial properties at a discount to replacement cost. We continue to seek additional acquisitions in other key East Coast markets with a similar strategy.”Back to All News