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Real Estate - Commercial

MedSouth Buys Eye Clinic Property For $1.85M

By Cece Nunn, posted Jul 26, 2016
MedSouth Healthcare Properties LLC purchased 1120 Medical Center Drive this month for $1.85 million. (Photo courtesy of MedSouth)
A medical real estate firm has added an eye clinic to its portfolio of investments in the Wilmington area, according to an announcement this week.

In a $1.85 million deal, MedSouth Healthcare Properties LLC purchased 1120 Medical Center Drive, a medical office building in the city's medical district occupied by Coastal Carolina Eye Clinic, according to New Hanover County property tax records.

“This marks our second medical office acquisition in Wilmington and further solidifies our interest within the area for quality medical office opportunities,” said Bill Transou, co-founder and principal of Charlotte-based MedSouth, in a news release.

In July last year, MedSouth bought seven medical office buildings, six in Wilmington and one in Leland, for $9.5 million.

Benjamin E. Bivens, co-founder and another principal of MedSouth, said the company is pleased to have partnered with CCEC on structuring the sale-leaseback transaction.

"We took note of CCEC’s stature in the market place and experience as a practice group and were honored to be able to work with them to meet their real estate needs,” Bivens said in the release. 

Mark Johnson and Janet Rose with Coldwell Banker Commercial SunCoast represented the seller, Coastal Carolina Eye Clinic Partnership LLC, in the transaction, which closed July 7. MedSouth represented itself as the buyer.

The purchase marks the sixth acquisition milestone for MedSouth Healthcare Properties LLC since its inception in May 2013, the news release said.

MedSouth currently owns and manages 12 medical office properties totaling over 128,000 square feet throughout the Southeastern United States.

"The firm provides sale leaseback solutions for doctor groups and hospital organizations looking to grow their organization by unlocking the capital in their real estate. MedSouth Healthcare Properties, LLC also works with private investors, developers and real estate firms that are interested in selling their income producing healthcare real estate," the release said.

CCEC has been in business since 1975 and offers a multi-faceted approach to eye care, according to the release. The practice has achieved many innovative firsts in its field in the area, including the first visually successful corneal transplants in southeastern North Carolina, the release said.

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