CHARLOTTE, NC – Flagship Capital Partners (Flagship), the investment affiliate of Brackett Flagship Properties, along with its local joint venture partner DKNC Ventures, is pleased to announce that it has completed the acquisition of a 27,823 SF medical office building situated on 5.7 acres located at 3901 North Roxboro Road, Durham, NC, immediately north of Durham Regional Hospital. The property is the second asset acquired by the Flagship Healthcare Real Estate Fund. Construction has also commenced on a build to suit for Kerr Drug Pharmacy to be located at the corner of N. Roxboro Street and Frasier Street.
The medical office building will undergo extensive renovations. Currently, it is 55% leased and has five tenants including Regional Neurosurgery (a Duke University Health System Practice), The Dental Care Center, Carolina Family Medicine and Urgent Care, Lessons with Ease Biofeedback , and Greater Piedmont Credit Union. In addition to the medical office building and Kerr Drug Pharmacy, there is a future development pad that can accommodate a 9,000 square foot user.
Flagship and DKNC first identified the project in 2011, and began designing and negotiating components necessary to fulfill the intended medical office renovation and development of the new pharmacy parcel. Bill Transou, Chief Investment Officer of Flagship, explains, “We are excited in being a part of this project and our new partnership with DKNC, and look forward to the successful completion of this development opportunity. The acquisition of the Durham Clinic represents our first project within the City of Durham, and we intend to use it as a basis of our commitment and continued growth within the Triangle.”
DKNC Realty, LLC (Daniel Klausner) will provide local leasing and property management services for the property, and Brackett Flagship Properties will provide asset management. Benjamin Bivens and Bill Transou of Flagship Capital Partners, LLC, along with Dan Klausner of DKNC Realty, LLC represented the Purchaser in this transaction.