Healthcare: Duke Enters Charlotte with Medical Office Acquisition

By Jennifer LeClaire for

CHARLOTTE, NC-Duke Realty Corp. has acquired Morehead Medical Plaza I, a 190,773-square-foot medical office building on the Carolinas Medical Center campus. The deal marks Duke Realty’s first move into Charlotte, and expands its medical office portfolio in North Carolina. Terms of the deal were not disclosed.

Morehead Medical Plaza 1 is 100% leased to a high-quality health system and located on the grounds of Carolinas Medical Center, the flagship hospital of the Carolinas Healthcare System. Duke Realty’s already owns and manages 5.4 million square feet of commercial real estate. Most of those properties are located in the Research Triangle area.

“We’ve been in the state a long time, but it’s good to crack the Charlotte market,” Jeff Sheehan, senior vice president of Duke Realty’s Raleigh office, tells “Part of what attracted us to this opportunity is to start a relationship with the system itself. The Carolinas Healthcare System is one of the largest public health systems in the country. We’d love to do more business with them.”

Carolinas Healthcare System is third largest public health multi-hospital system in the nation. Morehead Medical Plaza is directly connected to Carolinas Medical Center’s 874-bed inpatient care tower via an enclosed walkway. The hospital, which is one of only five North Carolina academic teaching hospitals, has Charlotte’s only Level I trauma center and Level IV neonatal intensive care unit.

“There’s a lot activity and there are a lot of buyer in the healthcare market, but it is also a relationship business,” Sheehan says. “We do a lot of repeat business with our partners. That’s the model.”


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