Trinity Partners announces sale of Grandview Specialty Clinics multi-tenant office building
Trinity Partners is pleased to announce the sale of Grandview Specialty Clinics at 1248 Huffman Mill Road, a fully-leased medical office building located within Cone Health’s Alamance Regional Medical Center Hospital Campus in Burlington, North Carolina. The sale included leasehold interest in the property with approximately seventy-five years remaining on the ground lease.
Trinity Partners’ team, Sam DiFranco, Sam DiFranco, Jr., and Dylan Heafner, medical office and investment sales specialists, and David R. Reynolds of David R. Reynolds Realty, LLC represented the seller, VJCMB, LLC in the transaction. The building was purchased for $11.575 million by a national medical office REIT. Buyer was represented by Beau McIntosh, Bob Lewis, and Allen Lewis of Furman Capital Advisors.
The 35,147 square foot multi-tenant property included net-leases with Cone Health who operates four specialty health clinics within the building: Cone Health’s Women’s Care, Wound Care, Gastroenterology, and Sleep Center. This location also served as Alamance ENT’s practice headquarters since the building was constructed in 2006. Alamance ENT plans to relocate their operations with Cone Health absorbing their space, making Cone Health the sole occupant of the building.
“This was a complex deal that required substantial due diligence and preparation prior to going to market,” said DiFranco. “Our team of professionals expertly analyzed how to maximize and deliver the highest valuation possible providing a winning scenario for the buyer, seller, and tenants.”
This multifaceted transaction involved lease negotiations with existing Cone Health tenants to maximize the value of the asset while ensuring the seller/occupant was afforded an acceptable exit strategy post-closing. The Trinity Partners’ team and David R. Reynolds set the stage for multiple bids and expedited to contract to reach the closing table in twenty-six days.
Grandview Specialty Clinics presented the buyer an opportunity to invest capital in an on-campus building, which upon sale was wholly occupied by the hospital system. Cone Health and Sentara’s recent merger boosted the strength of the tenancy and of the quality of the investment.
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