Medical office in Durham trades to new investor
JLL Capital Markets led sales efforts for Duke Medical Plaza at Patterson Place in Durham, North Carolina
RALEIGH, Jan. 18, 2022 – JLL Capital Markets announced today that it has closed the sale of Duke Medical Plaza at Patterson Place, a 59,978-square-foot medical office building in Durham, North Carolina.
JLL represented the seller, BP Phase2, LLC, and procured the buyer, JLL Income Property Trust, an institutionally managed daily NAV REIT advised by LaSalle Investment Management.
Duke Medical Plaza at Patterson Place is located at 5324 MacFarland Dr. in South Durham, an affluent area of the city boasting median household incomes of $113,000. This property is adjacent to Patterson Place Shopping Center in a growing commercial corridor that is home to retail amenities, apartment complexes and residential communities providing steady healthcare demand. Additionally, the medical office facility is situated at the nexus of U.S. 15/501 and Interstate 40 equidistant from Duke University Hospital and the UNC Medical Center.
Completed in 2010, the four-story property is 100% leased with Duke Health leasing more than 80% of the space. Duke Medical Plaza at Patterson Place offers a variety of services, including dermatology, micrographic surgery, radiology, women’s health, urogynecology and OB/GYN.
The JLL Capital Markets team representing the seller was led by Senior Director Brannan Knott, Directors John Mikels and Daniel Flynn and Analyst Woody Flythe.
“The Patterson Place offering was highly prized by investors due to the world-renowned tenancy of Duke Health coupled with recent long-term lease extensions,” Knott said. “The investment opportunity captured all the markings of a strong, durable income stream in a post-COVID world that has drawn so many to invest in healthcare real estate.”
“Anchored by Duke Medical, the tenant roster and excellent proximity to I-40 made this asset very desirable to a number of investors, as the location will only become more infill over time,” Flynn added.
“The sale of Duke Medical Plaza at Patterson Place is a testament to the investor demand for high-quality assets featuring stable income and credit worthy tenancy,” Mikels commented.
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. JLL has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, the firm manages approximately $76 billion of assets in private equity, debt and public real estate investments as of Q3 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Its diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information, please visit lasalle.com and LinkedIn.