Advanced Dermatology Case Study
QuantumCRE Listing for Sale – Medical Office Building at 2551 Roswell Road, East Cobb
Physician cashes out of medical office building
How often does a physician make money on real estate that also serves as the location of a successful practice? Advanced Dermatology has multiple locations in Metro Atlanta but wanted to concentrate on patient care on the westside of Atlanta. Dr. Agha, owner of Advanced Dermatology and a 3,528 square foot, free-standing medical office building in Piedmont Commons was looking for options. This East Cobb office was outside Dr. Agha’s core geographic area and he needed an exit strategy.
Understanding the general commercial real estate market conditions, demographics and specific property values was critical in evaluating the options for Dr. Agha and making the decision to sell. Dr. Agha engaged QuantumCRE for assistance in listing the property for sale. Piedmont Commons is strategically located in a corridor of “Suburban Periphery” with a high demand for medical specialties but few options for a physician to own their building. Recent property sales comparables indicated a potential value that could more than double Dr. Agha’s investment dollars.
The existing medical use also added potential value to prospective medical users looking to save money on startup costs including the build-out and furniture, fixtures, and equipment. QuantumCRE focused on reaching out to their existing database of medical clients and canvassing successful practices in North Atlanta that potentially could take advantage of the existing build-out.
The property sold to a dental group within six months of QuantumCRE starting the listing assignment. “We had multiple showings during the first month. After several competitive offers, the property closed. We took the cash and reinvested in our other locations,” says Dr. Agha. We negotiated a sales price that was close to our initial estimate of value in a timeline that exposed the property to multiple users. Dr. Agha adds that “Richard did a great job and we look forward to finding more opportunities to work with QuantumCRE.”
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Richard Smith, Jr., David A. Strickland, and Paul Schwinne — we work with healthcare professionals evaluating real estate solutions.