Healthcare: Duke Medicine Plaza building in Raleigh changes hands
CB Richard Ellis Group subsidiary Trammell Crow Co. has sold the Duke Medicine Plaza medical office building on Wake Forest Road in Raleigh to a Dallas, Texas, investment fund group established by Trammell Crow.
Partners Health Trust and a public pension fund group partner has bought the 84,470-square-foot building from Trammell Crow’s Healthcare Development Initiative division. The unidentified pension fund group was advised by Kennedy Associates Real Estate Counsel of Seattle, Wash.
Terms of the sale were not disclosed, but Wake County deed records show that PHT Duke MOB LLC secured a new loan in mid-November from Regions Bank for $11 million. The property has a tax value of almost $15.8 million.
The five-story Duke Medicine Plaza building is fully occupied by physicians and physician groups affiliated with Duke University Health System. The building developed by Trammell Crow also has its own parking deck.
The building was constructed in 2006 on the campus of Duke Raleigh Hospital at 3480 Wake Forest Road in Raleigh.
Partners Health Trust Inc. is an investment fund established in 2005 by Trammell Crow Co. to partner with major institutional investors to invest in medical office buildings. Greg Greene, senior vice president with CB Richard Ellis’ Healthcare Capital Markets group, advised in the loan negotiations on behalf of Partners Health Trust.
by Amanda Jones Hoyle for Triangle Business Journal
