Investment Group Takes Morehead Medical Plaza

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 reveal the price; however, he says the deal carried a low 6% cap rate. He adds Alter+Care sold Morehead Medical Plaza after receiving an unsolicited offer from a group involved with managing the property.

Alter+Care developed the property on a 12-acre parcel at Morehead Street and Harding Place in 2005. It is connected to a multi-story parking deck and the Carolinas Medical Center through Medical Center Plaza. Morehead Medical Plaza is 100% leased to affiliates of Carolinas HealthCare System. The tenant roster includes OrthoCarolina; Blumenthal Cancer Center; Charlotte Obstetrical and Gynecological Associates; the Carolinas Medical Center Women's Institute; Eastover Obstetrics & Gynecology Associates; Mecklenburg Medical Group; and Morehead Imaging Center.

"Although we viewed ownership of a significant asset such as Morehead Medical Plaza as a long-term investment, we decided that this was an appropriate opportunity to convey the property to a benefactor and patron of the institution, John W. Harris and Centurion Healthcare fund, after substantive discussions with the Carolinas HealthCare System," president Alter+Care John H. Driscoll explains in a statement.