Highwoods Collects $80M for Raleigh MOB Portfolio

Highwoods sold an eight-building Raleigh medical office portfolio to two separate buyers. Evergreen Medical Properties acquired the seven buildings in the Rexwoods Office Center campus in West Raleigh. Northwood Ravin purchased a nearly 100,000-square-foot building next to the Research Triangle Park between Durham and Raleigh. The Rexwoods campus is across from UNC-REX Hospital. The Rexwoods campus was 84 percent occupied. The total price for the 338,000-square-foot deal was $79.4 million

Commercial Edge reports Evergreen received $23.9 million in financing from Webster Bank and a $22.5 million loan from Equitrust Life Insurance Co. to finance the acquisition of the Rexwoods campus. Meanwhile, Highwoods Properties provided $6.2 million in non-recourse first mortgage seller financing to Northwood for the RTP building.

Highwoods Properties developed and purchased the buildings between 1982 and 1998.

JLL Senior Managing Directors Mindy Berman and Ryan Clutter were part of the team involved in the sale. Senior Director Anthony Sardo and Director Ward Smith arranged the debt financing.