Transactions: Evergreen buys seven Raleigh, N.C., medical assets

Highwoods Properties sold the portfolio for $62.5 million; JLL was the broker

By Murray W. Wolf

One of the seven MOBs and medical-with-office facilities Evergreen Medical Properties acquired from Highwoods Properties across from UNC Rex Hospital in Raleigh, N.C., was this three-story, 60,331 square foot MOB at 2300 Rexwoods Drive. (Photo courtesy of JLL)

RALEIGH, N.C. – Highwoods Properties Inc. (NYSE: HIW) announced last Thursday, April 4, that it has sold eight Raleigh-area properties – including seven medical buildings – for a total of $79.4 million.

The medical outpatient buildings (MOBs), plus one medical-with-office property, total 336,997 square feet and are on the Rexwoods Office Center campus in western Raleigh, across from UNC-REX Hospital.

The buyers were not disclosed, but a check of Wake County, N.C., real estate records indicates that the following properties were sold by Highwood Properties Inc. to individual limited liability companies (LLCs) associated with Evergreen Medical Properties of Atlanta: 2418 Blue Ridge Road; 4201, 4207, 4301 and 4325 Lake Boone Trail; and 2300 and 2301 Rexwoods Drive.

In a separate transaction, Wake County records show that Highwoods sold a property at 2500 Blue Ridge Road to an affiliate of Northwood Ravin, a Charlotte, N.C.-based apartment developer and manager. the buyer plans to replace a three-story office building on the site with a seven-story multifamily development with ground-floor retail.

The sale prices were not available in the deed county filings. However,

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