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NY investor heads to NC
Real Estate Weekly, July 16, 2008
A 40,725 s/f two-story office building in Durham, NC, triple net-leased to Duke University Health Care Systems for ten years, traded for $13.1 million to New York-based DS Durham LLC.
Eastern Consolidated's Benjamin Tapper, director, represented the seller, Charlotte, NC-based Bayrock Investment Company, while Eastern's Martin Ezratty, also a director, acted on behalf of the purchaser.
"My buyer wanted to diversify his portfolio, both product-wise and geographically," said Ezratty, "and this property represents a stable long-term investment with relatively little maintenance required."
Tapper said the cap rate was 6.25% driven, in part, by Duke's extention of its lease until 2018. Bob Hord of Johnston, Allison & Hord, PA represented the seller. Louis Soloway of Certilman Balin repped the buyer.
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