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Caddis to Add Independent and Assisted Living to 2045 Peachtree

Dallas Firm Files to Add New Component to Old-School Buckhead Medical Office
June 5, 2018
Dallas-based Caddis Healthcare Real Estate, which earlier this year closed on a sizable acquisition in Atlanta, is set to add a new use to one of Buckhead's oldest medical office buildings.

On Tuesday, Caddis Acquisition Partners filed an application for a special-use permit (SUP) to develop an independent-living, assisted-living and memory-care facility at 2045 Peachtree, home to a 1963-era medical office tower near Piedmont Hospital. The new facility will be developed "in conjunction" with the existing medical office building, according to the filing made with the city of Atlanta.

Caddis has the property under contract and expects to close by June 15, Caddis Development Manager Katie Newman told CoStar News. “We’re excited to enter south Buckhead. It’s a rapidly growing area where there’s definitely a need for a facility of this nature,” Newman said.

With the acquisition of 2045 and development of the new Heartis facility, Caddis - which entered Atlanta in 2013 - will have more than 1 million square feet of healthcare assets in the metro area. Atlanta is now the company’s second-largest market behind Dallas-Fort Worth. It currently has 10 buildings totaling nearly 700,000 square feet in metro Atlanta

Caddis CEO Jason Signor said the company will relocate its Atlanta corporate office to 2045 Peachtree later this summer. Also, Caddis said it will be “investing significant capital” in the existing tower that will result in “substantial upgrades” that will benefit current and future tenants and patients who visit doctors there.

The new facility will be part of Caddis’ Heartis senior living group, and comprise 184 units in a 240,000-square-foot structure that wraps around the existing medical office building. The facility will rise where an existing two-story parking deck stands now, and Caddis will develop new parking and a plaza area that serves both buildings.

Caddis, which will open its second Heartis location in metro Atlanta later this year near Suwanee Town Center, plans to add independent and assisted-living space in south Buckhead, which has emerged as one of Atlanta's largest cluster of medical facilities and office buildings. The Shepherd Center and Piedmont Hospital anchor the medical-heavy area.

Piedmont currently is developing the Marcus Patient Tower, a 16-story building underway at Peachtree and Collier roads. Emory Healthcare also recently converted rapper P. Diddy's former Justin's restaurant at 2200 Peachtree Rd. NW to its Emory at Peachtree Hills facility.

But heretofore, little - if any - assisted living has been developed along this strip of Peachtree, often referred to as Cardiac Hill because of its incline that crests at Piedmont Hospital and vexes the 55,000 who run the Peachtree Road Race each July Fourth.

Caddis will acquire 2045 Peachtree from HD Realty of Nashville.

The acquisition follows the firm's January purchase of the Brookhaven Medical Center at 3925 Peachtree Road, located just north of the Atlanta city limits. Caddis paid $27.64 million, or $568.86 per square foot, for the three-story, 48,588-square-foot building anchored by Piedmont Healthcare and a Walgreens.

Caddis also hired healthcare real estate expert Christine Gorham as director of development for the Southeast.

The Atlanta Zoning Review Board is expected to consider Caddis' application on Aug. 2. If all goes as planned, Caddis will break grown on its south Buckhead Heartis location in the first quarter of 2019, Newman said.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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