Development Opportunity Next to Medical Campus in Suburban Atlanta

Tuesday, April 23, 2019

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing a +/-2.64-acre development parcel in the suburban Atlanta community of Marietta, Georgia, in the heart of the WellStar Kennestone Regional Medical Center campus. The property, Roselane at Kennestone, boasts a rare level of locational prominence benefiting from both high barriers to entry and immediate proximity to incredible demand drivers. Investors have a remarkable opportunity to re-zone Roselane at Kennestone to a myriad of possible development options, including medical office, multifamily residential, seniors housing or hospitality. Situated at 320 Roselane Street NW, the property benefits from incredible drive-by and pedestrian exposure on both Roselane Street and North Avenue with especially prominent views of Kennesaw Mountain from the highpoint of the property.

Land Site for Sale Investment Highlights

  • A Premier Medical Office Opportunity Next to WellStar Kennestone Regional Medical Center:  The unique location of the subject property offers a once-in-a-lifetime development opportunity next to the largest health center in the state of Georgia. WellStar Regional Medical Center offers best-in-class healthcare and drives healthcare businesses to the area, creating a top-performing medical office environment. The surrounding Class A and B office buildings have boasted an occupancy greater than 90% since 2013, with an occupancy of 97.6% in the fourth quarter of 2018. As the WellStar campus continues to grow, so too does the need for additional medical office space and premier Class A office space.
  • Opportunity to Develop the Submarket's First New Construction Project this Cycle:  The development site provides an opportunity for apartment developers looking to take advantage of the lack of multi-housing development in the surrounding area. Walkability to high-quality housing could prove to be an extremely valuable amenity for area healthcare professionals as well as area stakeholders looking to attract and retain top workforce talent. There have not been any new multi-housing projects built north of North Marietta Pkwy NE since 1986, and virtually no Class A developments ever. All new multifamily construction in the area is positioned along Barrett Parkway or further north toward Kennesaw State University.
  • Immediate Proximity to Amenities:  Roselane at Kennestone is a six-minute drive to Marietta Square Market, a brand new food hall contains of a variety of artisanal and gourmet food offerings, and it is not much farther to get to Marietta Town Square, the cultural center of the city that offers shops, restaurants and entertainment venues. Additionally, popular retail and restaurant options like Panera Bread, Walgreens and Canvas Café and Bakery are just a few blocks away.
  • Lack of Quality Hospitality Product Drives Opportunity for Developers:  For people visiting the WellStar Kennestone Regional Medical Center who are looking for a place to stay, options are limited to a few motels off of Cobb Parkway that were all built over 20 years ago. The only new product in the submarket built during this cycle is an Embassy Suites built in 2009 and a Hampton Inn built in 2017, both more than six miles from the subject property. As a result, hospital visitors end up sleeping in the patient’s room or commuting from one of the hotels in Kennesaw near Barrett Parkway. As the medical center continues to expand, the need for overnight stay options in the area continues to increase. WellStar Health System is the largest in the state of Georgia, and the Kennestone location Emergency Department alone sees 220,000 patients a year. Aside from the hospital, the development site is located directly in the middle of both Kennesaw State University campuses, less than two miles from Marietta Square, and close to many of the economic demand drivers, such as Lockheed Martin and Dobbins Air Base.

Roselane at Kennestone is a development opportunity for sale that offers an investor the opportunity to develop a medical office building, multifamily property, seniors housing or hotel property in a high-barriers-to-entry area within a medical office market in suburban Atlanta. For more information on this or other available commercial real estate properties in the Atlanta area, please contact Jamie Smithson in HFF’s Atlanta office. To view this land site for sale’s listing page, where you may download a CA agreement to receive more detailed materials, please click here.  

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