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| 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.
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| 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.
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| 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.
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| 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
