RiverOak Buys $21M MOB Portfolio

CHARLOTTE-The next big thing in commercial real estate investment is medical office buildings, according to George Yerrall, managing director of Stamford, CT-based RiverOak Investment Corp., LLC. The company recently purchased four-buildings in the Novant Health, Inc. portfolio in the Charlotte-Winston-Salem Corridor of North Carolina for $21 million. The seller was a group of private investment entities advised by Commercial Realty Advisors of Winston-Salem.

The buildings in the Novant portfolio are 100% occupied by divisions of the Novant Healthcare System. Together they consist of just under 250,000 square feet of medical warehouse, accounting, human resources and IT office space.