MedSouth REIT Buys 7 Medical Buildings For $9.5M

 

Charlotte-based real estate investment firm MedSouth HealthCare Properties bought seven medical office buildings — six in Wilmington and one in Leland — for $9.5 million this week from a group of local doctors.

Tenants in the Wilmington offices include members of the NHRMC Physician Group and Wilmington Health Associates.

“When we had the opportunity to look at this deal, we immediately saw the short- and long-term value that it held. The locations of these properties are irreplaceable, and the tenants involved are the best in the area,” said Bill Transou, principal and co-founder of MedSouth, in a news release.

Benjamin E. Bevins, another founder and principal of MedSouth, said, “We continue to view Wilmington as a stable and growing market for healthcare real estate. We are very pleased to begin a new relationship with New Hanover Regional Medical Center as well as continue our relationship with Wilmington Health.”

The seller was Panacea Realty LLC, a company managed by Martin Conley Jr., James Snyder and Michael Mastrangelo of Wilmington, according to a N.C. Secretary of State Corporations Division filing. The three doctors are part of NHRMC Physician Group, according to the group’s website.

The addresses for the properties that sold are: 1415 Medical Center Drive, 1500 and 1520 Physicians Drive and 1505, 1509 and 1515 Doctors Circle in Wilmington; along with 509 Olde Waterford Way, Units 302 and 304, in Leland.

Hill Rogers, broker in charge with Cameron Management Inc., represented Panacea Realty, which has a mailing address of 1515 Doctors Circle, in the transaction.

In an announcement released by Cameron Management on Wednesday, Rogers said the offices total about 59,000 square feet and include an endoscopy surgery center, gastroenterology, oncology and endocrinology.

“The sale of this investment grade portfolio further demonstrates growing institutional and private equity interest in the Wilmington real estate market,” Rogers said in the news release. “When we executed leases with New Hanover Regional and Wilmington Health several years ago, we did so with a strong consideration for how the lease structure would influence the seller’s exit strategy, while also understanding the demands and needs of the real estate investment community.”

MedSouth has retained Cameron Management to provide ongoing property management services for the portfolio, the release said.

By Wilmington Biz

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