Haag-Brown Commercial Real Estate and Development completes $14 million deal
by March 20, 2017 7:01 pm 719 views
Haag-Brown Commercial Real Estate and Development closed one of the largest real estate deals in Northeast Arkansas in the last 10 years. The firm closed a $14 million deal to acquire 10 properties that house NEA Baptist Clinic’s urgent care clinics. The actual properties had been owned by NEA Properties Group which leased the clinics to the health system, Haag-Brown Principal Broker Josh Brown told Talk Business & Politics.
“We do a lot of medical brokerage work,” Brown said. “We want to be known as a company that can close a $15 million deal.”
Deals of this magnitude are rare in the state and in the south in general, other than some deals that occur in larger metropolitan areas such as Nashville or Atlanta, Brown said. NEA Baptist has long-term leases with the clinics. Brown first approached NEA Properties, a company started by physicians, in late 2013 to consummate a deal, he said.
“We are excited about our new partnership with Haag-Brown and we are confident this is a good decision for everyone involved including the physicians of Northeast Arkansas Properties, NEA Baptist and Haag-Brown. We have significant plans in-store for expanded services and conveniences for our patients and this partnership lays the foundation to begin implementation,” NEA Baptist CEO Brad Parsons said.
The properties will undergo minimal changes, and customers will likely not notice any of them, he said. The company will own 100% of the real estate at those sites, he said.
Established in 2010 and based in Jonesboro, Haag-Brown specializes in retail project development, tenant representation and investment advising for commercial properties in Arkansas and surrounding states. Partners Greg Haag and Joshua Brown lead Haag-Brown.
NEA Baptist Clinic is the largest physician-led and professionally managed multi-specialty group practice in the region, according to the company. NEA Baptist Clinic is made up of over 110 physicians providing care in more than 35 medical specialties.