Business Services Industry

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.

COPYRIGHT 2008 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning
 

BNET TalkbackShare your ideas and expertise on this topic

Please add your comment:

  1. You are currently: a Guest |
  2.  

Basic HTML tags that work in comments are: bold (<b></b>), italic (<i></i>), underline (<u></u>), and hyperlink (<a href></a)

advertisement
advertisement
  • Click Here
  • Click Here
  • Click Here
advertisement

Content provided in partnership with Thompson Gale