The Nashville-based Healthcare Realty Trust continues to weigh its options for the Midtown property for which it paid $14 million in December 2020.
The site offers a three-story medical office building housing, among other things, a clinic for the Department of Veterans Affairs. With an address of 1919 Charlotte Ave. and called the 1919 Medical Office Building, the structure also houses the offices of the Nashville Healthcare Center, DaVita Dialysis, and Results Physiotherapy, among others. Five adjacent parcels are used as surface parking.
The property is notable, in part, for its proximity to Ascension Saint Thomas Midtown Hospital, with which HRT is undertaking a major redevelopment on that entity’s high-profile medical campus (read here).
Burney Dawkins, senior vice president of investments at HRT, told the Job the company purchased the 1919 Charlotte site as quality “long-term real estate”.
“[The property] works well as it is today,” Dawkins said. “The site has the capacity to accommodate more medical office space; however, we can be patient and work with Ascension Saint Thomas Midtown to determine the best long-term property mix.
As of March 31, Healthcare Realty Trust had invested in 263 properties in 23 states, with the buildings collectively totaling 17.9 million square feet and valued at around $6 billion. The publicly traded company provides leasing and property management services to 14.8 million square feet of buildings nationwide, with Atlanta, Dallas, Denver, Los Angeles and Nashville as major markets.
Previous owners of the property included HCA Realty and local real estate investor and entrepreneur Mike Shmerling.
In 2018, the Franklin office of Charlottesville, Virginia, Anchor Health Properties, marketed the site for what could be a five-story structure (read here). Anchor will later sell to HRT.