$40M Franklin Oncology Facility Sale Signals Stronger Nashville Medical Office Market

Nashville’s medical office investment market is showing renewed strength, helped by the second-quarter sale of the Tennessee Oncology Proton Center in Franklin.

The specialized cancer treatment facility, located at 4588 Carothers Parkway, sold for $40 million during the quarter, according to CoStar. The property is home to Tennessee Oncology’s proton therapy operation, which provides radiation oncology services in Williamson County.

The facility last sold in July of 2023.

The transaction contributed to a broader rebound in medical office sales across the Nashville area. CoStar reported that second-quarter medical office sales volume in the market reached its highest level since the beginning of 2022, reflecting stronger investor interest in healthcare-related real estate after a slower period for commercial property transactions.

Medical office buildings have remained a favored segment for many investors because of the sector’s ties to healthcare demand, long-term patient needs and tenant stability. In Nashville, the latest sales activity suggests that well-located medical assets, particularly those connected to specialized services, continue to draw capital.

The Franklin proton center deal stands out as one of the quarter’s notable transactions and underscores the continued role of healthcare providers and outpatient treatment facilities in shaping the region’s commercial real estate market.

Source: CoStar