JV Picks Up Raleigh-Area Office Park
- Jul 19, 2019
A joint venture between Alex. Brown Realty and Heritage Properties has acquired a two-building medical office park in Cary, N.C., from Cary Dermatology Center. Pinnacle Financial Partners provided the $9.1 million financing for the acquisition, which also benefited from a $4 million sponsorship from ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR. The park will be rebranded as Cary Medical Pavilion following a $2.5 million upgrading project slated for delivery by late October.
Located at 101 & 105 SW Cary Parkway, the two buildings provide a total of 72,000 square feet, according to Yardi Matrix data. They were completed between 1986 and 1999 on a 5.5-acre site which is approximately one mile from WakeMed Cary Hospital. Planned improvements include a lobby and corridor renovation, elevator modernization, new suite entries and roof replacement. The property also encompasses 288 parking spaces.
The property was 29 percent vacant in May and has a tenant roster including Cary Plastic Surgery, Cary Dermatology Center, Associated Urologists of North Carolina, Michana Orthopaedic & Sports Physical Therapy and several individual practitioner offices.
Vice President Blake Thomas from Avison Young’s Raleigh-Durham office, who recently closed the sale of Crabtree Center in the Glenwood/Creedmoor submarket of Raleigh, represented the buyer in the transaction. Principal Janet Clayton and Senior Vice President Carlo DiGiorgio from the same office were also selected to provide leasing services for Cary Medical Pavilion.