BentallGreenOak JV Buys Raleigh MOB

Medical Plaza at Rex. Image courtesy of Insite Properties

A joint venture between BentallGreenOak and Insite Properties has purchased the 105,000-square-foot Medical Plaza at Rex, a Class A, multi-tenant medical office building in Raleigh, N.C. The seller, Capital Associates, will continue to manage the property alongside Insite.

BGO financed the purchase with a $38.6 million loan from Synovus Bank, according to public records. The note was also backed by Crossroads Professional Building, another medical office property in Ellicott City, Md., acquired by the company in May for $21.3 million. 

BGO and Insite have joined forces to acquire medical offices and health-care properties; Medical Plaza at Rex represents the partnership’s first investment.

A Class A medical office building

Built by Capital Associates in 2005, Medical Plaza at Rex rises five stories on the UNC Rex Healthcare hospital campus. The asset was 97 percent occupied at the time of sale by tenants such as Unified Women’s Healthcare, UNC Rex Healthcare, White Oak Pediatric Associates, Capital Area OB/GYN and NC Retina Associates, according to CommercialEdge.

Located at 4414 Lake Boone Trail, the facility is less than 7 miles northwest of downtown Raleigh and less than 1 mile of Interstate 440. Several shopping, dining and entertainment options are available nearby.

CommercialEdge data shows Medical Plaza at Rex was one of only two medical office properties to change hands in Raleigh year-to-date. The other traded asset was Blue Ridge Center I and II, a two-building, 123,953-square-foot medical office campus that was acquired through a $300 million core-plus fund.