A local physician group has purchased a medical office building (MOB) in Raleigh, North Carolina for nearly $17.8 million. According to data captured in the LevinPro HC database, this acquisition marks the 190th MOB acquisition of the year.
Wake Internal Realty III, an LLC tied to Wake Internal Medicine, acquired the MOB on Blue Ridge Road near UNC Rex Hospital in early December, according to Wake County deed records. The building is 48,000 square feet and the purchase price is approximately $370 per square foot.
The MOB was purchased from The Keith Corporation in Charlotte, North Carolina, which developed and built the building.
Matt Johnson, Chief Administrative Officer of Wake Internal Medicine, said the group was able to buy the building sooner than expected.
“We always knew we had the first right to purchase from the developer. Once we secured financing, it just made sense to do it sooner than later. So we’re basically paying ourselves rent rather than a landlord. … We were able to pull it together plus the building was ready for occupancy three months ahead of schedule,” Johnson said.
With the increase in space, Wake Internal Medicine will be able to hire more doctors to accommodate its growing patient base. The doctor group has 35 providers and, according to Johnson, will be able to bring on seven more providers — four primary care physicians and three specialists — in 2024. Within Wake Internal Medicine, there is also Wake Gastroenterology, Wake Women’s Health and Wake Nonsurgical Ortho and Sports Medicine — all of which are located in the newly acquired MOB.
