CBRE Brokers $20.7 Million Sale of Fully Leased Medical Office Building in Raleigh-Durham

CBRE today announced the $20.7 million sale of a 60,192-sq.-ft. medical office building in Durham, North Carolina. The Class A facility is fully leased to Duke Health Integrated Practice (DHIP), a wholly owned subsidiary of Duke University Health System, a world-renowned investment grade credit academic health system.

Lee Asher, Zack Holderman, Jordan Selbiger, Trent Jemmett and Cole Reethof of CBRE’s U.S. Healthcare & Life Sciences Capital Markets practice; Ben Kilgore of CBRE | Raleigh; and Patrick Gildea and Matt Smith of CBRE in Charlotte represented the seller, Highwoods Properties, in the transaction. The buyer was undisclosed.

“CBRE was able to leverage the mission critical nature of the location and credit of the tenant during a banking crisis to create a deep buyer pool for a competitive bidding process,” said Mr. Asher, Vice Chairman with CBRE. This transaction is indicative of the market's confidence in the stability of the healthcare real estate sector.”

Located at 4709 Creekstone Drive, Duke Medical Plaza measures 60,192 sq. ft. across three floors and is fully leased to DHIP, who recently signed a long-term lease extension. The facility serves as a full-service pediatric outpatient clinic offering 14 clinical pediatric services including neurology, cardiology, endocrinology, gastroenterology, adolescent gynecology, oncology, rheumatology, nephrology, PT/OT/ST, pulmonary and on-site clinical laboratory and imaging.