Trinity Partners facilitates $8.85 million in sale-leaseback transactions for Carolina Behavioral Care
Trinity Partners is pleased to announce three recent sale-leaseback transactions for Carolina Behavioral Care: 4102 Ben Franklin Blvd. in Durham, NC (11,300 SF), 289 Olmstead Blvd. in Pinehurst, NC (10,572 SF), and 209 Millstone Drive in Hillsborough, NC (11,320 SF). All three properties were acquired with sale-leasebacks to Carolina Behavioral Care, who will continue to fully occupy the properties. A 10-year lease term was negotiated for the Pinehurst property, and the Durham and Hillsborough properties closed with 7-year lease terms secured. Trinity Partners’ Triangle team of Sam DiFranco, Sam DiFranco, Jr., and Dylan Heafner represented the sellers, Downeast Associates of Durham, LLC and Downeast Associates of Pinehurst, LLC d/b/a Carolina Behavioral Care.
Trinity Partners facilitated both the lease and sale negotiations for all three buildings. The transactions, which were executed separately and closed within six months from being listed, freed up equity for the sellers while allowing them to stay in the buildings they have occupied for over 10 years. The properties sold for record sale prices in their respective markets with a combined sale total of $8.85 million.
“Sale-leasebacks are historically complicated transactions with lots of moving parts,” said DiFranco, Jr. “I’m very pleased with how our team worked within a tight timeline and exceeded our client expectations.”
All properties are in highly desirable areas close to premier medical facilities. The Durham location is close to Duke Regional Hospital, the Pinehurst property is less than a mile from FirstHealth Regional Hospital, and the Hillsborough property is less than a mile from UNC Health Care’s Hillsborough Hospital Campus.
“I can’t tell you how pleased I was with the work of the Trinity Partners’ team,” said Robert A. Millet, MD, DFAPA, Vice President for Medical Affairs and Director of Clinical Research for Carolina Behavioral Care. “If you try to sell commercial real estate yourself, you’re going to lose a significant amount of both your time and money. And don’t even think about a 1031 Exchange without a team like Trinity Partners behind you. They made the process easy; their knowledge, experience, and dedication to getting the deal closed far exceeded my expectations. I highly recommend you talk to the team at Trinity Partners if you’re considering buying or selling commercial real estate. We are looking forward to working with Trinity Partners again,” added Millet.
Carolina Behavioral Care is a physician-directed, comprehensive behavioral health clinic that provides a full spectrum of psychiatric, psychological, and substance abuse services. A leader in psychiatric care since 1982, with offices located in Durham, Hillsborough, and Pinehurst.
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