Nashville-based private equity firm Excelsior Capital has purchased a 17,837-square-foot medical office building (MOB) in Chattanooga, Tennessee for $7.4 million, or approximately $415 per square foot. The MOB was built in 2014 and houses the Center MedSpa on the first floor and the Center for Integrative Medicine on the second floor. The property is at 100% occupancy and the 1.2-acre site includes both on-street and off-street parking.
Excelsior Capital is a real estate private equity firm based in Nashville, Tennessee. Excelsior Capital typically targets stable assets, typically in the $8 million to $20 million range, in healthy submarkets that have a strong history of occupancy.
This also marks Excelsior Capital’s second purchase in Chattanooga. In April 2021, the company acquired a 99,787-square-foot multi-tenant office complex in the area.According to the LevinPro HC database, this marks the 191th MOB acquisition of 2022 and the 28th announced during the fourth quarter.
This marks Excelsior Capital’s third acquisition of the year. The private equity firm acquired a Kansas City, Kansas MOB in June, followed by a Novi, Michigan MOB in October.
