EnTrust Realty Advisors, also an affiliate of the Alter Group,completed the sale on behalf of Alter+Care. James I. Clark III,EnTrust managing principal, tells GlobeSt.com he could not revealthe price; however, he says the deal carried a low 6% cap rate. Headds Alter+Care sold Morehead Medical Plaza after receiving anunsolicited offer from a group involved with managing theproperty.


Alter+Care developed the property on a 12-acre parcel atMorehead Street and Harding Place in 2005. It is connected to amulti-story parking deck and the Carolinas Medical Center throughMedical Center Plaza. Morehead Medical Plaza is 100% leased toaffiliates of Carolinas HealthCare System. The tenant rosterincludes OrthoCarolina; Blumenthal Cancer Center; CharlotteObstetrical and Gynecological Associates; the Carolinas MedicalCenter Women's Institute; Eastover Obstetrics & GynecologyAssociates; Mecklenburg Medical Group; and Morehead ImagingCenter.


"Although we viewed ownership of a significant asset such asMorehead Medical Plaza as a long-term investment, we decided thatthis was an appropriate opportunity to convey the property to abenefactor and patron of the institution, John W. Harris andCenturion Healthcare fund, after substantive discussions with theCarolinas HealthCare System," president Alter+Care John H. Driscollexplains in a statement.

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