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

Purpose-Designed Government Center and Redeveloped Land Will Benefit the Community

Chris Coudriet - New Hanover County Government
Dave sweyer 300 x 300

Have You Done Your Hurricane Homework?

Dave Sweyer - Sweyer Property Management
Ch headshot

Beyond the Bench: UNC Wilmington Classroom to cGMP Laboratories

Trending News

Firm's Expansion Expected To Lead To New CRO Jobs In Wilmington

Cece Nunn - Aug 22, 2019

Brewery Owners Share Economic Impact, Hurdles Of Their Industry In Wilmington

Johanna Cano - Aug 23, 2019

Wilmington Boat Show To Bring Economic Activity, Visitors To The Region

Christina Haley O'Neal - Aug 23, 2019

Potential Remains For Third Office Building At Barclay Center

Cece Nunn - Aug 23, 2019

In The Current Issue

Local Distillery Makes A Splash

With Brooke Bloomquist’s background in marketing and special events and her father’s naval career and business prowess, their masterminding...


Battleship Opens New Tour Section With Food Focus

An area landmark has a new tool for providing insight into the daily lives of the men who served aboard the World War II vessel....


A New Leaf: CBD, Hemp Products Lead To New Businesses

Last year's Farm Bill opened the door for hemp farming, producing and selling, and that's translated into numerous new businesses nationwide...

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

WILMA's Leadership Accelerator
Power Breakfast - The H Word (June 13, 2019)
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`