Colony Development Partners Sells Harris Medical Park for $11.4 Million

Colony Development Partners, LLC, announced the recent sale of a 45,000 square foot, Class A, single-tenant medical office building in Sylva, North Carolina which had been developed by Colony Development Partners. The property sold for $11.4 million dollars to Grubb & Ellis Healthcare REIT II.  

The Harris Medical Park building is located on the campus of the 86-bed Harris Regional Hospital, an acute care facility that serves the residents of Jackson County and neighboring communities in western North Carolina. Carolinas HealthCare System, one of the leading healthcare organizations in the Southeast, manages the hospital on behalf of its owner, WestCare Health System. The building, developed by Colony Development Partners, is fully leased to Harris Regional Hospital.

“We’re continuing to see the medical office market improve as we move into 2011. The national sales volume for MOB’s nearly doubled this past quarter, and on the development side, our pipeline continues to increase. Our next project, kicking off mid-January, is 24,000 square foot on-campus Orthopedic and Sports Therapy facility in Raleigh, North Carolina,” said Dennis Norvet, President of Colony Development Partners.

Colony Development Partners is a privately held real estate company whose principals helped develop some of the first Class A suburban office and medical office developments in the Southeast and pioneered medical office development partnerships with physician groups and hospitals during the 1970’s. The Healthcare Division of Colony Development Partners, with offices in Charlotte and Nashville, provides full-service healthcare development, program management, and acquisition services on a national basis with experience in specialty hospitals, on and off-campus medical office buildings, single-physician practice medical office buildings, and ambulatory surgery centers and care centers.  For more information on Colony Development Partners, visit their website at www.colonydevelopmentpartners.com.