Alta Peak JV Buys Charlotte-Area Medical Campus

A joint venture between Alta Peak Capital and Centerlane Capital has acquired Arboretum at Cox Road, a three-building, 63,000-square-foot medical office campus in Gastonia, N.C., a Charlotte submarket. The asset also includes a vacant development parcel.

Flagship Healthcare Properties advised the buyer and was also tapped as the leasing and property management company.

The new owners will implement a focused value-add strategy aimed at boosting the property’s occupancy and health-care profile, attracting more medical users and enhancing long-term tenant retention.

A medical campus near Charlotte

Located at 916, 920 and 924 Cox Road, the 2006-completed campus previously traded in August 2017 for $6.6 million, according to CommercialEdge information. Tenants include Novant Health, Tryon Medical Partners and ABS Kids.

Arboretum at Cox Road is less than 20 miles from downtown Charlotte and 13 miles northwest of Charlotte Douglas International Airport. Other medical providers in the area include CaroMont Family and Pulmonary Medicine, Carolina Asthma & Allergy Center and Carolina Digestive Disease Center. The complex is also close to the 476-bed CaroMont Regional Medical Center.

Flagship Senior Analyst Bill Bernart advised the buyer on the deal. Senior Vice President Tiffany Slayden is leading the leasing efforts at the property.

The medical outpatient facility inventory is projected to increase by 10.6 percent over the next five years, according to a JLL report. Despite the economic uncertainties impacting the commercial real estate sector, the medical office market remains strong due to its positive long-term fundamentals.