CBRE Group Inc. has announced the sale of Charlotte Medical Plaza I & II in Charlotte. Patrick Gildea, Lee Asher and Chris Bodnar exclusively represented the sellers in the transaction, a joint venture between local developer Insite Properties and investor Alex.
Brown Realty out of Baltimore, MD. The portfolio sold to Anchor Health Properties for $23 million on February 8.
Located at 300 & 330 Billingsley Road, the Charlotte Medical Plaza I & II portfolio totals 92,581 square feet. The assets are 89.5 percent and 84.4 percent occupied, respectively. The region’s two major hospital systems, Carolinas HealthCare System and Novant Health, lease a combined 37% of the properties.
Charlotte Medical Plaza I & II are located in Charlotte’s Midtown Medical submarket, which as of fourth quarter 2016, has witnessed a five-year record-low vacancy rate of 9.3 percent. Lease rates have increased 14.4 percent in that same timeframe.
“The portfolio was very competitively pursued by a variety of national capital sources that were attracted to the insulated location and strong rent roll,” mentioned Patrick Gildea, Executive Vice President.
Anchor tenants include Randolph Internal Medicine, Carolina Digestive Health Associates, Carolinas Medical Center Behavioral Health Center, Legacy Heart Care and Novant Health Neurology Specialists.
CBRE Group Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.