Two New York property-management groups have spent $9.85 million to purchase three facilities in Winston-Salem, according to a Forsyth County Register of Deeds filing Wednesday.
The properties are 1400 Westgate Center Drive and 1551 and 1590 Westbrook Plaza Drive within the GreenTree Centre complex.
The buyers are GreeeTree Westgate LLC (63.2% ownership stake), MRG GreenTree LLC (27.7% stake) and JDTC Westgate LLC (9.1%).
GreenTree Westgate and JDTC are affiliated with Andoreale Corp. of Lawrence, N.Y., which is owned by New York urologist Dr. David Kaufman, according to the corporation’s page on the N.C. Secretary of State’s website.
MRG GreenTree is affiliated with Manhattan Realty Group I LLC of Long Island, N.Y.
The 1400 Westgate property has among its tenants Novant Health Inc.’s Winston-Salem Dermatology & Surgery Center and Intensive Diabetes Management clinics.
The 1551 Westbrook Plaza property has among its tenants Novant’s Rheumatology & Arthritis clinic. The 1590 Westbrook Plaza property has a mixed-use tenant base.
In May, a Kaufman affiliate spent $7.62 million to buy the Nash-Bolich building, a two-story, 36,000-square-foot property at 614 W. Fourth St.
The sale was completed May 22. The seller was Nash Building LLC and the buyers were Nash SSV LLC (72% ownership stake), WSNC Nash LLC (20%) and WS Nash Bldg LLC (8%).
n November 2018, a limited liability company associated with Kaufman spent $6.24 million to purchase the 55,000-square-foot One Salem Tower building in downtown Winston-Salem.
Linville Team Partners official Ben Bloodworth said DTWS1 bought the property as an investment after Brookstown Tower made extensive interior and exterior renovations after buying the property in October 2017.
According to Linville, the property was built in 1987 and is considered as a Class A facility. Bloodworth said the renovations, which included adding a rooftop terrace, help the previous owners fill about 25,000 square feet of vacant space.
Among the tenants are CJMW Architecture, Davenport Engineering and Greenwood Law. It has one office space available on its third floor that ranges from 1,546 to 3,887 square feet.
The property deals are the latest buying spree of medical facilities in Winston-Salem by out-of-state purchasers.
In October, high-profile Chicago medical real-estate investment trust MB Real Estate spent $83.86 million on seven properties, all of which Novant is the leaser.
The most expensive of the seven deals is the Winston-Salem 250A APL MP LLC affiliate of MB Real Estate spending $33.4 million for the Winston-Salem Health Care facility at 250 Charlois Blvd.
Altogether, the MB Real Estate affiliates have spent a combined $124.85 million on the 13 Triad properties since May.
John H. Boyd, with site-selection firm The Boyd Co. of Princeton, N.J., said medical facility real estate in the Triad has become as attractive as their commercial and industrial counterparts.
“Strong economic, demographic and technological drivers are in all place now, providing strong tailwinds to the growing healthcare REIT activity being seen now in the Triad,” Boyd said.
“Especially attractive real-estate investments are outpatient medical office buildings, due to the growing demand for a more patient-centered healthcare delivery.