DURHAM, NC-Medical office buildings are trading with velocity in Raleigh-Durham. A trio of medical office assets has traded hands in the Triangle region.
Healthcare REIT recently sold two medical office buildings spanning 30,464 square feet in Central Professional Park of North Duke Street in Durham. Buildings 200 and 1000 sold to a CA-based 1031 buyer for $3.75 million. Greg Payne of Pickett-Sprouse Real Estate represented the buyer. CB Richard Ellis senior vice president Joe Graham represented the seller.
“What really got these buildings sold was the fact that the majority of the space is leased by an affiliate of Duke University Health Systems,” Graham tells GlobeSt.com. “But we are seeing an uptick in everything that’s got decent credit--retail, office and even industrial if it’s got good credit and long-term leases on decent real estate. There’s so much capital out there chasing deals and a fairly scarce supply of good product, which is driving cap rates down.”
Another medical office building supports Graham’s view. Cassidy Turley last week closed the sale of a 309,000-square-foot Implus building in Durham. Chris Norvell, Rob Cochran and David Finger of Cassidy Turley represented the seller, the Keith Corp. GRC Durham, LLC purchased the asset for $21 million.
The Implus building is the newest state-of-the art distribution facility in Raleigh-Durham and is fully leased on a triple net basis. Located at 2001 T.W. Alexander Dr., the facility is located within the Research Triangle/Interstate 40 submarket, which is the largest industrial submarket in the region and home to over 75% of the area’s institutional grade industrial real estate.
“We continue to see a very strong appetite for industrial product in the RTP/I-40 submarket,” Novel says. “Investors are starting to realize just how irreplaceable assets such as the Implus building are within this area.”
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