A three-building suburban office campus repositioned for medical and professional tenancy, sold to an institutional core buyer following stabilization.
Acquired at a distressed basis from a fund in wind-down, with vacancy concentrated in space suited to medical-office conversion.
Reposition, re-tenant, and exit to core capital: targeted spec suites, medical build-outs, and a rebranded campus identity.
Research Triangle life-science and healthcare employment underpinned durable demand for converted medical office space.
Lifted occupancy from 71% to 97%, grew NOI 64%, and exited at a 140 bps cap-rate spread to acquisition.
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Q3 2018
Acquisition
Acquired at 71% occupancy from fund in wind-down.
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Q2 2020
Medical Conversion
Delivered 60,000 SF of medical office build-outs.
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Q1 2024
Exit
Sold to institutional core buyer at 97% occupancy.