Group pays $13.1 million for Durham building
Published: Fri, Jul. 04, 2008 12:30AM
Modified Fri, Jul. 04, 2008 03:03AM
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closeDURHAM -- DS Durham, a New York investment group, paid $13.1 million for a 40,725-square-foot medical office building at 3116 N. Duke Street. The price was 39 percent more than what Charlotte-based seller Bayrock Investment paid for the property in 2003, property records show.
The property sold at such a premium because Duke University Health Systems holds a triple-net lease there until 2018. Such leases are popular with investors because they require the tenant to pay for the building's operating expenses.
Investors have been drawn to medical offices in recent years, citing the healthcare sector's stability in a slow economy.
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