Northside East Cobb Medical Center sold for $32.5 million

Patients and clients won’t notice any changes, the but ownership of Northside Hospital’s East Cobb Medical Center is changing hands.

Stonemont, an Atlanta real estate investment firm specializing in healthcare real estate and industrial development, has purchased the 103,184-square-foot medical office building on Johnson Ferry Road at Olde Towne Parkway.

The Atlanta Business Chronicle reported that Stonemont secured a $32.5 million loan from Webster Bank to complete the acquisition from Northside, which opened the facility in 2018 on land that had been the Fountains at Olde Towne Shopping Center.

The four-story building houses Northside’s Imaging, Orthopedics and Sports Medicine, Primary Care and Urgent Care providers, Dermatology and Surgery Associates, East Cobb Spine and Sport Chiropractic and other physician specialty practices.

The building, which has a 400-space parking lot, is 100 percent leased.

According to Cobb property tax records, the total appraised value of the building and property, which covers more than 12 acres, is around $34 million.

“Our collaboration with Northside Hospital reflects a shared commitment to expanding access to healthcare throughout the region,” said Matt Stone, President of Stonemont’s Healthcare Real Estate division, in a statement.

“East Cobb Medical Center is an exceptional facility in a thriving community, and we’re pleased to add it to our growing healthcare platform.”

Stonemont invests in major healthcare complexes across the country, and a company release said its healthcare portfolio exceeds $375 million.

In Cobb County, Stonemont owns the Atlanta Riverview commercial development in Mableton, which includes 216,400 square feet of space.

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