Cary Medical Pavilion

Cary, North Carolina

TRANSACTION VALUE

$8.9 Million

TRANSACTION TYPE

Investment sale

PARTY REPRESENTED

Buyer

SIZE

66,928 sf

Multi-tenant medical office building

Avison Young sold two multi‐tenant medical office buildings totaling 65,000 in Cary for $8.9mm to a regional investor for a partnership of local physicians.

Challenge

After nearly three decades, a group doctors that had constructed two medical buildings in which to operate their Cary based medical practices were having trouble backfilling long‐standing vacancies and incurring rapidly increasing expenses. Moreover, the partnership lacked the necessary time, focus and expertise, and the partners’ goals were diverging.

Action

In close collaboration with the ownership group, Avison Young took a consultative approach and utilized local resources including leasing, management, construction, valuation, and investment specialists. It was determined that the partnership faced significant capital requirements to address existing operational challenges. Our team provided ownership with a repositioning and capital improvement plan, as well as a proposal to provide marketing and disposition services.

Results

Ownership ultimately decided it was in their best interests to take advantage of the market and put the property up for sale. Avison Young sold the property to a developer who made significant investments to transform and modernize the property.