Alex. Brown Realty and Heritage Properties Acquire Medical Office Park in Cary, NC
11 Julio 2019 - 3:09PM
Business Wire
Alex. Brown Realty (ABR) and their joint venture partner,
Heritage Properties, are pleased to announce the acquisition of a
two-building medical office park located at 101 & 105 SW Cary
Parkway in Cary, North Carolina. ABR Chesapeake Fund V, a value-add
real estate fund sponsored by ABR, invested $4.0 million in the
joint venture. Financing for the acquisition was provided by
Pinnacle Financial Partners.
The two-building portfolio is situated on 5.5 acres at the
corner of Cary Parkway and Kildaire Farm Road, which boasts
exceptional visibility to more than 50,000 vehicles per day.
Located just one mile from WakeMed Cary Hospital, the properties
are occupied by a diverse mix of medical office users. The medical
park is being rebranded as Cary Medical Pavilion and the joint
venture plans to complete approximately $2.5 million worth of
upgrades to the portfolio by late October 2019. Planned
improvements include a lobby and corridor renovation, elevator
modernization, new suite entries, and roof replacement, among
others.
“We are thrilled to acquire 101 SW Cary Parkway and continue
growing our medical office portfolio. Our extensive history in the
healthcare business and our experience developing high-end
mixed-use projects will provide us with the knowledge to create a
modern healthcare facility for medical practices to enjoy at a
discount to new construction rents,” said Ryan Blair, Partner &
Vice President of Development & Acquisitions at Heritage
Properties.
“This is an attractive value-add opportunity in a market that is
experiencing strong demographic and office fundamentals,” commented
Tom Burton, ABR’s Senior Managing Director and CIO. “In addition,
Heritage is a strong local operator and we anticipate the
successful implementation of the portfolio’s business plan should
produce attractive returns for our investors,” added Burton. The
acquisition represents the second joint venture between ABR and
Heritage.
Avison Young Raleigh-Durham has been selected as the leasing
agent for the property, and Janet Clayton, a Principal of Avison
Young and member of Avison Young’s Healthcare Group, along with
Carlo DiGiorgio, Senior Vice President, Landlord Group (both based
in the company’s Raleigh-Durham office) will provide leasing
services for Cary Medical Pavilion.
Blake Thomas of Avison Young – Raleigh represented the buyer.
“We were pleased to represent the joint venture in their
acquisition of 101 & 105 SW Cary Parkway,” says Thomas. “These
properties have tremendous potential, due to their prominent
location and high visibility at one of Cary’s most heavily
trafficked intersections. The joint venture is bringing a needed
infusion of capital to these buildings, which were originally
constructed in 1986 and 1999. Given Heritage’s track record of
performance and their vision, it will be exciting to watch them
reintroduce the property to the market.”
Alex. Brown Realty, Inc. (ABR) is a privately-owned real
estate investment manager organized in 1972 and headquartered in
Baltimore, Maryland. ABR co-invests with joint venture partners in
a broad spectrum of property types located throughout the United
States. www.abrealty.com
Heritage Properties is a full service commercial real
estate firm founded in 1986 as one of four companies of the
Meridian Group. Since its inception, Heritage Properties has
developed and/or acquired over 6,500,000 square feet of commercial
real estate in the eastern United States and maintains a commitment
to responsible land and commercial property development, strategic
acquisitions, and sound management of high quality, well-located
office properties, retail centers, and industrial workplaces.
Heritage Properties has completed or under construction of over
$285,000,000 of commercial real estate in the Raleigh/Durham
marketplace since 2016.
Avison Young is the world’s fastest-growing commercial
real estate services firm. Headquartered in Toronto, Canada, Avison
Young is a collaborative, global firm owned and operated by its
Principals. Founded in 1978, with legacies dating back more than
200 years, the company comprises approximately 5,000 real estate
professionals in 120 offices in 20 countries. The firm’s experts
provide value-added, client-centric investment sales, leasing,
advisory, management and financing services to clients across the
office, retail, industrial, multi-family and hospitality
sectors.
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version on businesswire.com: https://www.businesswire.com/news/home/20190711005797/en/
Thomas R. Burton Alex. Brown Realty, Inc. (410) 547-3009
tom.burton@abrealty.com