Healthcare REIT Buys Piedmont Medical Office Campus
“There was excellent interest across the spectrum, including private, institutional and REIT investors.”
STATESVILLE, NC—JLL Capital Markets has closed the $16.6 million sale of The Piedmont Healthcare Medical Office Campus, a five-building, 91,844-square-foot medical office campus here. JLL represented the seller, SMG Leasing Associates, LLC, a real estate group comprising present and former Piedmont Healthcare physicians, and procured the buyer, a healthcare REIT.
The Piedmont Healthcare Medical Office Campus is currently 93.6% leased and home to Piedmont HealthCare, one of the largest physician-owned and directed multi-specialty medical groups in North Carolina and the Southeast. The group has locations across the market and retains top market share in the region. The five-building medical office campus serves as Piedmont’s largest, all-in-one location, supporting numerous specialties, including pediatrics, dermatology, internal medicine, endocrinology, urology, pulmonology and more.
JLL tells GlobeSt.com that the five buildings were constructed between 1980 and 2016. All have undergone extensive renovations, except for the one constructed in 2016.
The campus also includes a family-owned and operated retail pharmacy on site as well as parking for more than 500 vehicles. Located at 208 Old Mocksville Rd. and 129-152 Sherlock Dr., the 14.8-acre campus is adjacent to the Davis Regional Medical Center, a Community Health Systems affiliated hospital, and Interstate 40, providing connectivity to Charlotte and Winston-Salem, both of which are approximately a 40- to 45-minute drive from the property.
“Piedmont Healthcare is the dominant physician-owned practice in Iredell County,” said JLL Director Zack Drozda. “The offering represented Piedmont’s flagship, multi-specialty location. As such, there was excellent interest across the spectrum, including private, institutional and REIT investors.”