Real estate investment trust weighs Midtown site options | Development
Nashville-based real estate investment trust Healthcare Realty Trust continues to weigh its options for Midtown property for which it paid $14 million in December 2020.
The site offers a three-story medical office building housing, among others, a Department of Veterans Affairs clinic. With an address of 1919 Charlotte Ave. and called 1919 Medical Office Building, the structure also accommodates the offices of Nashville Healthcare Center, DaVita Dialysis and Results Physiotherapy, among others. Five adjacent parcels are used as surface parking.
The property is noteworthy, in part, due to its proximity to Ascension Saint Thomas Midtown Hospital, with which HRT is undertaking major redevelopment on that entity’s high-profile medical campus (read here).
Burney Dawkins, HRT senior vice president of investments, told the Post the company purchased the 1919 Charlotte site as quality “long-term real estate.”
“[The property] functions well as it is today,” Dawkins said. “The site has the ability to accommodate more medical office space; however, we can be patient and work in conjunction with Ascension Saint Thomas Midtown to determine the best long-term composition of the property.”
As of March 31, Healthcare Realty Trust was invested in 263 properties in 23 states, with the buildings totaling 17.9 million square feet collectively and valued at approximately $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 its main markets..
Previous owners of the property have included HCA Realty and local real estate investor and entrepreneur Mike Shmerling.
In 2018, the Franklin office of Charlottesville, Virginia-based Anchor Health Properties marketed the site for what could be a five-story structure (read here). Anchor would later sell to HRT.