GREENSBORO, N.C., Oct. 20, 2020, 9 a.m. EDT — Realty Trust Group has recently brokered the $18.5 million acquisition of a 140,000 square foot commercial office building located in Greensboro’s premier office park known as Green Valley Office Park. RTG’s Adam Luttrell, Vice President of Advisory Services, represented the purchaser, Cone Health, in the transaction. The seller, a local investment group, was unrepresented.
Located at 706 Green Valley Road, the property is ideally situated between Cone Health’s two major Greensboro campuses, Moses Cone Hospital and Wesley Long Hospital, and fronts Greensboro’s busiest thoroughfare, Wendover Avenue, with over 50,000 cars per day.
RTG has represented Cone Health since 2015 providing advisory and portfolio management services. This acquisition is part of a larger portfolio optimization and administrative consolidation strategy for the system. “This is a significant and strategic acquisition for Cone Health,” Luttrell said. “Having already leased and occupied roughly 40% of the building, owning the property will allow for significant consolidation of Cone’s administrative services currently scattered throughout the market, often in locations that would be much better suited for clinical, revenue-producing services.” The consolidation is expected to provide significant organizational benefits going forward through departmental adjacencies and synergies.
One of Cone Health’s executive team members said it best. “This transaction will have a positive effect on Cone Health for decades to come.” To read more on Healthcare Real Estate Administrative Consolidation Solutions, check out our latest best practice, “Administrative Consolidation Solutions in Healthcare.” For more information on RTG’s optimization services, visit our Healthcare Real Estate Optimization page.
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