Durham, North Carolina – May 21, 2018 – Trinity Partners is pleased to announce the recent sale-leaseback of 4102 Roxboro Road in Durham, North Carolina. The two-story, 34,106 SF property has been sold to Montecito Medical, a premier owner of medical office properties across the United States, in a 12-year sale-leaseback. The space will be 100 percent occupied by North Carolina Eye Ear Nose and Throat (NCEENT).
“We have been actively sourcing medical properties under physician ownership to help them unlock very high values,” DiFranco said. “This is done by creating a sale-leaseback, which allows them to maintain their practices, which releases the owner from the guarantees of a mortgage obligation and the worries of being a landlord, while allowing them to maintain the practice.”
The property is situated in a high-traffic, commercial corridor, and is less than five miles from Duke University Hospital, Duke Regional Hospital, and North Carolina Specialty Hospital, where most of the group’s surgical procedures are performed. This is the seventh acquisition for Montecito, year-to-date.
“Trinity Partners made this an easy transition for us,” Sinéad E. Ingersoll, Chief Operating Officer of NCEENT, said. “Sam DiFranco and his team were a pleasure to work with.”
NCEENT is a leader in providing ophthalmology and otolaryngology specialty care in Durham for more than 100 years. The practice focuses on medical research and specializes in a variety of procedures including ophthalmology, Lasik, allergy testing, speech pathology, and cosmetic procedures. The practice also has a total of five offices located throughout North Carolina.
About Trinity Partners
Trinity Partners is a full-service commercial real estate firm serving corporate users and institutional owners throughout the United States, with 10 service lines ranging from landlord and tenant representation to property management and investment sales. Trinity currently leases and/or manages more than 20 million square feet of space across the region through our three offices in Charlotte and Raleigh, North Carolina, and Greenville, South Carolina.
About Montecito Medical
Montecito Medical is one of the nation’s largest privately held companies specializing in healthcare-related real estate acquisitions and funding the development of medical real estate. Montecito is a leading resource for both real estate owners and healthcare providers seeking to monetize or expand their holdings. Montecito has offices in Nashville, Tenn., Austin, Tex., Portland, Ore. and Orange County, Calif. Since 2005, it has completed transactions in 25 states involving more than $2.33 billion in medical real estate and totaling over six million square feet. To date, Montecito has more than $1 billion in capital available to expand holdings in its medical office portfolio throughout the United States. Its current portfolio and healthcare system relationships include UCLA, Cleveland Clinic, Johns Hopkins, Holston Medical Group, Carolinas Health System, Urology of Virginia, Bon Secours, Maine General, EmergeOrtho and State of Franklin Healthcare Associates.