Stonemont Financial Group announced on January 2 that it has acquired Preston Ridge Medical Office Building, an 85,000-square-foot medical office building (MOB) in Alpharetta, Georgia. The deal represents a strategic move by the firm to grow its healthcare platform nationwide. According to data captured from our LevinPro HC database, this marks the first MOB acquisition of 2023.
Northside Hospital is the anchor tenant of the Class A building, where it provides cancer care services to the community. The property also houses three single specialty surgery centers and a mix of tenants offering a range of medical services including plastic surgery, dermatology, ENT and gastroenterology.
Stonemont plans to implement a significant capital improvement program at the property. The aim is to bring the building back to top-of-market quality and to allow Northside Hospital and other medical providers to continue expanding in the market and sustain long-term growth in Alpharetta. Terms of the deal were not disclosed.
Stonemont Financial Group is a private real estate investment firm specializing in industrial development, acquisitions, net lease investments and healthcare.
