Welltower Sells Durham MOB for $33M

The 67,644-square-foot Croasdaile Commons is home to Duke Health and is within 2 miles of Duke University Hospital.
Croasdaile Commons

Welltower has sold the 67,644-square-foot Croasdaile Commons in Durham, N.C., for $33 million, Yardi Matrix information shows. The new owner of the medical office building is a partnership between Kayne Anderson Capital Advisors and MB Real Estate, according to public records. Capital One provided a five-year acquisition loan, which matures in 2025. The property last traded in 2014, when Glenwood Development Co. sold it for $27 million.

The asset is located on a 5-acre site at 1821 Hillandale Road, just north of Interstate 85. The 2002-built property is less than 2 miles north of Duke University Hospital and within 5 miles of downtown Durham. Duke Health is the largest tenant. The property has a parking ratio of 4 spaces per 1,000 square feet, and shopping and dining options are nearby in an adjacent retail building.

At the end of last year, Welltower signed an agreement with Hammes Partners to acquire 1.5 million square feet of medical office buildings. In four separate deals, the REIT agreed to purchase outpatient medical facilities totaling 2 million square feet.