Tuesday, February 5, 2013

$14.1 Million Medical Facility Sells in Suburban Charlotte, NC



Mint Hill, NC Medical Commons
 MINT HILL, N.C., Feb. 5, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Mint Hill Medical Commons, a 42,300-square foot medical care facility in Mint Hill, N.C. The asset commanded a sales price of $14.1 million, or approximately $334 per square foot.

            Glen Kunofsky and Judson Kauffman, in Marcus & Millichap’s Manhattan office, and Allen Smith, a vice president investments in the firm’s Charlotte Uptown office, represented the seller, a Charlotte-based developer. Kunofsky, in association with Russell Wachtler in Manhattan, represented the New York-based 1031-exchange buyer. 

Glen Kunofsky
 “The investor has purchased a 100-percent leased asset, with the majority of the lease held by a single tenant– one of the leading and most innovative healthcare organizations in the Carolinas,” says Kauffman. “Annual rent increases are built into all leases, ensuring steady revenue that keeps pace with inflation.”

“This transaction provides the purchaser with stable income—guaranteed by a credit tenant—that replaces the income generated by the New York asset,” adds Wachtler.

Judson Kauffman
The property, located at 11304 Hawthorne Drive, is 92 percent leased by the Charlotte Mecklenburg Hospital Authority, operating as Mint Hill Primary Care through Carolinas HealthCare System, which Moody’s rated in 2012 with a stable investment-grade bond credit rating of Aa3.

The facility is staffed with board-certified physicians along with a complementary team of qualified medical professionals.

Allen Smith
 “This transaction displays the power of the firm’s platform to facilitate apartment owners exchanging into long-term net-leased investments,” concludes Kunofsky. “Through a 1031 exchange, the investor was able to increase cash flow by 100 percent and move to a much less management intensive asset.”

Contact:

Public Relations
(925) 953-1716

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