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Small Charlotte Medical Building Goes for $166 per SF

CHARLOTTE-Windrose Medical Properties Trust, a four-month-old Indianapolis, IN-based REIT, paid locally based Park Medical Associates LLC $5.65 million for the 14-year-old, 34,000-sf, 92%-leased Park Medical Center at 10512 Park Rd.

By Alex Finkelstein | Updated on December 17, 2002

CHARLOTTE-Spotting a niche in the small medical office market, Windrose Medical Properties Trust of Indianapolis, IN closed on its seventh property in the last four months, paying a premium $5.65 million or $166.18 per sf for the 14-year-old, 34,000-sf Park Medical Center at 10512 Park Rd. here.

The structure is 92% leased with Carolinas Physicians Network Inc., successor to the Mecklenburg Medical Group, occupying 30% of the building. The 10 tenants individually occupy from 714 sf to 10,101 sf. Average asking rent in the 636,207-sf Park Road submarket is $14 per sf to $16.40 per sf, according to third-quarter data from the Charlotte office of CB Richard Ellis Inc.

Windrose has invested $63.1 million in acquisitions since it was formed in August and is scouting for more comparable purchases, Fred L. Farrar, the firm’s president and chief operating officer, says in a prepared statement.

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