Print
Real Estate - Commercial

Medical Property On Dawson St. Sells For $1.3M In Investment Deal

By Cece Nunn, posted May 7, 2019
The Dawson Street Urgent Care and Medical Center at 608 Dawson St. was recently purchased by investors. (Photo courtesy of Coldwell Banker Commercial Sun Coast Partners)

A medical property on Dawson Street in Wilmington sold recently for $1.3 million, according to an announcement Tuesday from Port City-based Coldwell Banker Commercial Sun Coast Partners.

The transaction was a sale-leaseback of the Dawson Street Urgent Care and Medical Center at 608 Dawson St., the release stated.

"The details of the leaseback were not disclosed, but the practice plans to remain in place at least until the end of the lease term," according to the release.

Hank Adams with Coldwell Banker Commercial Sun Coast Partners (CBCSCP) was the listing broker. Mark Johnson and Janet Rose, also with CBCSCP, represented the buyer, Dawson Street LLC, a Virginia group that has investments in multiple states, the release and the deed stated.

"This is their first investment in downtown Wilmington," according to the release.

A sale/leaseback is often considered by physicians who own their real estate, according to the release. Some buyers will allow the seller to reinvest a portion of their proceeds back into the property, and possibly even co-invest with them in the future on other deals, the release stated. 

"The internal rate of return (IRR) we’re seeing since 2009 has exceeded 35% annually on these types of investments," Johnson said in the release. "Even with the financial crisis included, going back to 2006, the IRR is still about 20% annually.”

The release stated that CBCSCP has completed several other medical sale/leaseback transactions, ranging from just over $1 million to well in excess of $30 million.  Another undisclosed local specialist practice is under contract and is expected to close by the end of June.

Ico insights

INSIGHTS

SPONSORS' CONTENT
Chris coudriet

New Hanover County Awards $1.3 Million To 130 Local Small Businesses

Chris Coudriet - New Hanover County Government
Headshot2 3182020512

Save On Cooling/Heating With Dual Zone HVAC Systems

Chris Jones - Green Dot Heating & Air
Burrus rob headshot 300x300

Covid-19 Pandemic: Implications For Managers And Human Resources

Robert Burrus - Cameron School of Business - UNC-Wilmington

Trending News

Asheville Brewery To Open Taproom In Wilmington

Jessica Maurer - Jul 9, 2020

Analysts Say Successful IPO Could Bring Many Benefits To NCino

Jenny Callison - Jul 10, 2020

Opinion: The $2B Investment Decision

Rob Kaiser - Jul 10, 2020

Partnership, $50K Investment Boost Tech Effort To Promote Black-owned Businesses

Cece Nunn - Jul 9, 2020

Court Ruling Opens Lanes At Wilmington Bowling Alleys

Christina Haley O'Neal - Jul 9, 2020

In The Current Issue

NHRMC Talks Include Focus On Education

Graduate medical education has been one of several issues hashed out as part of the reĀ­cent negotiations over New Hanover Regional Medical C...


Boom And Bust

Parts of the local and national economy seem to be thriving amidst ongoing restrictions aimed at slowing the spread of COVID-19, while other...


New Eateries Still Open Despite Virus

While some restaurants have gone out of business and others are still temporarily closed, others are expanding....

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2020 Leadership Accelerator: Virtual Workshops for Real Leaders
2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`