Alex. Brown Realty, Heritage Properties Acquire Medical Office Park
The joint venture partners will provide $2.5M in renovation upgrades to the two-building portfolio in Cary, NC.
CARY, NC – Alex. Brown Realty Inc. (ABR) and Heritage Properties have acquired a medical office building in Cary, NC. The ABR-sponsored, value-add real estate fund, ABR Chesapeake Fund V, has invested $4 million in the joint venture.
The two building portfolio is situated on 5.5 acres at 101 & 105 SW Cary Parkway, on the corner of Kildaire Farm Road and Cary Parkway. The site is occupied by a range of medical office practices and is located one mile from WakeMed Cary Hospital.
Originally constructed in 1986 and 1999, the medical offices will be rebranded as Cary Medical Pavilion and will receive $2.5 million in upgrades from the joint venture partners. The planned improvements will be implemented by October of this year, entailing lobby and corridor renovations, elevator modernization, roof replacement, new suite entries and more.
This acquisition marks the firms’ second joint venture transaction. Pinnacle Financial Partners has provided financing for the acquisition and Avison Young Raleigh-Durham will serve as the property’s leasing agent. Leasing services for Cary Medical Pavilion will be provided by Janet Clayton, Avison Young principal and member of Avison Young’s Healthcare Group, and Carlo DiGiorgio, senior vice president at the Landlord Group. Blake Thomas of Avison Young – Raleigh represented the buyer.
Alex. Brown Realty Inc. (ABR) is a privately-owned real estate investment manager, headquartered in Baltimore, Maryland. The company co-invests in joint venture transactions in properties throughout the US.
Heritage Properties, founded in 1986, is a full-service commercial real estate firm. The company has acquired more than 6.5 million square feet of commercial real estate in the eastern US since inception, with more than $285 million in commercial real estate transactions in the Raleigh-Durham marketplace since 2016.
Avison Young, headquartered in Toronto, Canada, is a global commercial real estate firm. Founded in 1978, the firm offers value-add investment services with 120 offices in 20 countries.