Wilmington NC Real Estate News
CCED Sale to MedSouthSeptember 21, 2016
Mark Johnson and Janet Rose, brokers with Coldwell Banker Commercial SunCoast, recently negotiated the sale of 1120 Medical Center Drive on behalf of the seller, Coastal Carolina Eye Clinic Partnership, LLC, to MedSouth HealthCare Properties, a medical real estate firm based in Charlotte, NC. MedSouth purchased the 8,613 square foot property for $1.85 million. This is one of several medical property sales that Johnson and Rose have managed for private medical practices in the region and further exemplifies their team’s focus on and expertise in the medical field.
Coastal Carolina Eye Clinic Partnership, LLC, a real estate investment group comprised of Dr. Molly Allen and Dr. James Kessler, has owned the Medical Center Drive property for more than 40 years. Drs. Allen and Kessler are two of five physicians who comprise Coastal Carolina Eye Clinic, an ophthalmology practice in business since 1975. As part of the purchase agreement, Coastal Carolina Eye Clinic will continue to operate its practice at 1120 Medical Center Drive, via a 10-year leaseback agreement with MedSouth.
According to Janet Rose of Coldwell Banker Commercial SunCoast, the Medical Center Drive property was listed in late March, went under contract in April and closed in early July, an unusually quick turnaround for a commercial sale.
Added Mark Johnson of CBC SunCoast, “With interest rates at all-time lows, there has been a high level of interest over the past few years in medical practice properties. Real estate investors like to invest in sure things, and medical practices are about as sure of a thing as you can get in this world, particularly specialty practices like ophthalmology, orthopedics, cardiology and nephrology. Investors are looking for practices that operate in stand-alone properties that are either owned by the practice physicians or by a hospital.”
This is MedSouth HealthCare Properties’ second medical office acquisition in Wilmington. Its first was in July 2015, when MedSouth purchased seven medical offices — six in Wilmington and one in Leland — for $9.5 million. MedSouth currently owns and manages 12 medical office properties totaling over 128,000 square feet throughout the Southeastern United States.