Duke Health MOB Changes Hands in Durham

CBRE|Raleigh facilitated the $5.7 million disposition of the fully leased, single-tenant asset.
3004 Tower Blvd. Image courtesy of CBRE|Raleigh

An affiliate of Urban Investment Research Corp. has completed the sale of the Duke Health Medical Office Building in Durham, N.C. A private investor purchased the single-tenant property for $5.7 million. According to public records, the asset last changed hands in September 2014 for $2.3 million.

Located at 3004 Tower Blvd., the 14,915-square-foot building is fully leased to Duke University Health System Inc. The company occupies the facility on a 15-year triple-net lease and uses the space for its Duke Primary Care Pickett Road clinic. According to the Durham City-County Inspections Department, the property underwent a $2.9 million improvement program in 2018.

The building is some 4 miles southwest of downtown Durham, near Highway 15-501. Several restaurants and shops are within walking distance, including South Square Shopping Center. Duke University Hospital is roughly 4 miles north.

Joe Graham of CBRE|Raleigh represented the seller, while Mark Alviano of Trinity Partners assisted the buyer in the deal. Last January, a CBRE|Raleigh Capital Markets team facilitated the disposition of another Duke University-leased asset in Durham.