Photo courtesy of Randall Commercial Group.
An aerial view of the Crossroads at Greystone property.
The Crossroads at Greystone property is being redeveloped and will include four new medical entities.
Andrews Sports Medicine and Orthopaedic Center, Skin Wellness Dermatology, AllerVie Health and Birmingham Orthodontics will all have locations in the existing buildings at the corner of U.S. 280 and Alabama 119.
The property was sold by the owners and represented by Dick Darden at First Sunbelt Properties and Bo Grisham of Graham and Co., said Stutts Everette, qualifying broker with Randall Commercial Group.
The primary participants in the sale, AllerVie Health, Skin Wellness Dermatology and Andrews Sports Medicine and Orthopaedic Center, were represented by Veritas Medical Real Estate Advisors.
Rich Campbell, principal of Veritas Medical Real Estate Advisors, said the three practices were looking for a space that was more visible, had more space and would give them a better opportunity to grow their businesses.
Skin Wellness Dermatology and AllerVie in Chelsea were both trying to reach and help patients in the southern market, Campbell said.
“They both determined that they were missing patients in Greystone, that section of Birmingham and Hoover, that 280/119 crossroads,” Campbell said. “They were finding that those patients weren’t going south, but if they had the opportunity to move to that area, the Chelsea patients would come north.”
As a result, Campbell said, patients on Alabama 119, in Greystone, Inverness and Meadowbrook now have a closer specialist to see, whether it be dermatology or allergy services.
Andrews Sports Medicine already had an office on Alabama 119 in the St. Vincent’s campus but had little visibility, he said.
“When you’re on that campus, you’re in a building, you don’t have any visibility,” Campbell said. “They wanted the ability to have a little bit more of an accessible clinic and to have the ability to grow and add more services to what they were currently providing.”
Campbell said the three practices were looking for other locations at the same time. As the ‘group coordinator,’ Veritas was able to suggest they collectively come together to buy the property, which would give all companies a lower cost of occupancy.
“We told them we had run the numbers and they could maintain a lower cost of occupancy by getting all of them into a superior location and get the growth they need and desire,” Campbell said.
A representative for the property estimates that redevelopment will be complete by the end of 2022.
