For Immediate Release
North Carolina --- August 13, 2020 --- Block Real Estate Services, LLC (“BRES”) announces the acquisition of a 4-property ophthalmology portfolio located on the eastern coast of North Carolina via a 12-year sale/leaseback with Albemarle Eye Center/Precision Eye Care (“AEC/PEC”) physician leader and nationally renowned eye surgeon Dr. Jitendra Swarup. The opportunity was presented to BRES by Allen Inman and Andrew Larwood of Capital Real Estate Group.
“We have had the opportunity to work with BRES on multiple transactions over the years. The way they approach each transaction as a partnership between them and the Seller, really made them a natural fit for this transaction” said Inman, CREG’s managing partner and principal. “We started this project at the outset of the COVID pandemic, and while many deals in the industry failed to reach closing, BRES never wavered in their commitment to closing” added Larwood, CREG’s principal.
The $19,500,000 transaction of 62,388 SF includes properties in Elizabeth City, Washington, Kitty Hawk and Edenton, North Carolina.
AEC/PEC, one of the region’s leading providers of ophthalmic services, provides treatment ranging from laser eye surgery, cataracts, glaucoma treatment, oculoplastics and routine vision care. In addition to their services noted above, AEC/PEC is on the cutting edge of research within their research department and Albemarle Clinical Trials (“ACT”). ACT has been involved in a number of FDA-monitored, national multi-center clinical trials.
“It was important in the sale of the practice’s real estate to find a buyer that I could view as a long-term strategic partner. From the initial meeting with BRES and through the entire process, Steve and Brian made sure I was involved every step of the way. I look forward to a long-standing relationship with BRES as we continue to grow the practice” Dr. Jitendra Swarup commented.
“We greatly appreciated Allen and Andrew presenting this opportunity to us. Being able to understand Dr. Swarup’s long-term goals of the practice and knowing that we can help him achieve that goal, made this acquisition a priority for us. We are very excited to continue to grow our national footprint and partnering with leading physician groups” stated Steve Bessenbacher, BRES’ Senior Vice President, Director, Healthcare Acquisitions/Development.
The North Carolina transaction is BRES’ fourth acquisition in 2020. BRES has completed over $400MM in medical office acquisitions spanning 1.3MM SF of space and continues to grow its nationally known name in the net-leased medical office marketplace.
BRES is a full-service commercial real estate company managing over 43 million square feet of retail, office, industrial property for equity partnerships and third-party owners. BRES’s portfolio of services continues its role as the most comprehensive commercial real estate firm in Kansas City by providing and specializing in: real estate brokerage services, tenant representation, investment services, asset and property management, economic incentives consultation, financial services, construction and development services, and the Block Funds.
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