Health Care

Specialists Join NHRMC Physician Group, Sign Long-term Lease

By Alison Lee Satake, posted Jul 20, 2012

As part of New Hanover Regional Medical Center physician group’s recent absorption of Hanover Medical Specialists [HMS], leases for the medical offices also have been transferred.

On June 30, Hanover Medical Specialists’ three specialty practices joined the hospital’s
Carolina Healthcare Associates, which does business as NHRMC Physician Group.

The real estate holding company for the individual physicians, Panacea Realty, recently closed on a long-term lease with Carolina Healthcare Associates, with the assistance of Cameron Management, said Hill Rogers, Cameron Management broker in charge.

The lease consisted of six medical office properties totaling over 46,000 square feet. Five of the buildings are located in Wilmington, and one building is located in Leland. None of the physicians had to move their practices, Hill said. Their offices remain at 1415 Medical Center Drive, 1520 Physicians Drive and 1505, 1509 and 1515 Doctors Circle in Wilmington. The office in Leland is located at 509 Olde Waterford Way, Units 302 and 304.

“This lease was a part of a multi-level transaction that included the physicians of HMS transitioning their business into the NHRMC Physician Group,” Rogers said in a statement.

The negotiation of the lease agreement occurred at the same time as the sale of the physicians’ practices, Hill said. Both deals came into effect on June 30.

“As part of their exit strategy from HMS, it was important for the principals of Panacea to secure a long-term lease with CHA,” he said.

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