Stonemont Financial Group acquires Two Medical Centers in Metro Atlanta

Stonemont Financial Group, a private real estate investment firm specializing in industrial development, healthcare real estate, and net lease investments announced today that it closed on the acquisition of two medical office buildings occupied by Northside Hospital in Cumming and Lawrenceville, Georgia. The acquisitions come as part of  Stonemont’s continued relationship with Northside and its goal to expand its portfolio in healthcare real estate nationwide.

The properties include a 13,919-square-foot surgery center located at 1055 Haw Creek Parkway in Cumming, adjacent to Northside Hospital Forsyth’s campus. The multi-specialty surgery center features three operating rooms and one procedure room. Stonemont also acquired a cancer center at 311 Philip Blvd. in Lawrenceville, adjacent to Northside’s Gwinnett campus. The 12,412-square-foot center offers radiation and oncology services and features linear accelerators (LINAC), a high-tech machine used to treat cancers. Both centers are fully occupied by Northside Hospital

“This move reflects Stonemont’s strong partnership with Northside Hospital as we continue to diversify and grow our healthcare real estate portfolio. We are proud to play a small part in Northside’s delivery of healthcare services in both the Forsyth and Gwinnett communities,” said Matt Stone, Partner – Healthcare Real Estate at Stonemont. “Despite rising costs and various headwinds within other real estate asset classes over the past year, the medical office continues to be one of the most resilient in the market.”

Last year, Stonemont acquired three Northside medical properties in Georgia, including two oncology centers in Hawkinsville and Greensboro, and an 85,000-square-foot medical office building in Alpharetta. 

According to Colliers’ 2024 Healthcare Marketplace report, the medical office sector continues to perform well, with a low vacancy rate of 7% recorded in 2023 and asking rents soaring to 2.3% higher than 2022. Additionally, the healthcare market offers attractive investment opportunities driven by various factors including a growing population, aging demographics, and underserved regions. This market is expected to continue to grow throughout the remainder of 2024 and beyond.

For more information on Stonemont and its initiatives, click here.