JLL Capital Markets just lately introduced that it had accomplished the sale of Duke Medical Plaza at Patterson Place in Durham, N.C., on behalf of the vendor. Senior Director Brannan Knott; Administrators John Mikels and Daniel Flynn; and Analyst Woody Flythe led the JLL Capital Markets staff representing the vendor.
The client was JLL Revenue Property Belief, an institutionally managed every day web asset worth actual property funding belief that’s suggested by LaSalle Funding Administration. In keeping with the announcement, the acquisition value was roughly $37.1 million.
Positioned at 5324 MacFarland Dr., the property incorporates 64,280 sq. ft of Durham office space, most of which is devoted to medical workplace use, as associates of Duke College Well being System occupy roughly 86% of the constructing. Ranked as the most effective hospital within the state, Duke holds 31% of native market share and is the dominant tutorial healthcare supplier in North Carolina. The group just lately agreed to a lease extension and growth with a weighted common lease time period of greater than 9 years, which is able to enhance its occupancy within the four-story constructing to 96%.
Duke Medical Plaza was inbuilt 2010 and strategically positioned within the Analysis Triangle submarket on the intersection of US 15-501 and Interstate 40 — a brief drive to giant well being programs, comparable to Duke Well being and UNC Well being in each Chapel Hill and Durham. This ensures handy and quick access for sufferers, in addition to the extremely educated workforce within the area.
“We’re thrilled so as to add Duke Medical Plaza to our rising healthcare portfolio as we proceed to make healthcare-focused properties our precedence focus throughout the workplace sector,” stated JLL Revenue Property Belief President and CEO, Allan Swaringen. “This well-located property, occupied by a world-class tenant, matches squarely into our technique of buying medical workplace buildings with these traits. This acquisition additional diversifies our portfolio throughout our focused property sectors that align with our Analysis & Technique staff’s advisable overweights.”
In keeping with the assertion of sale, JLL Revenue Property Belief’s healthcare allocation now represents about 8% of its general portfolio and incorporates greater than 1.1 million sq. ft of medical workplace house throughout 15 properties.
Final modified: February 14, 2022