JLL Capital Markets announced that it arranged the sale of eight buildings totaling 338,000 square feet across from UNC-REX Hospital in the West Raleigh, N.C., submarket to two separate buyers. One buyer purchased seven of the assets for continued medical and office use, while the asset sold separately is slated for redevelopment.
JLL worked on behalf of the seller, Highwoods Properties, and procured the buyers. JLL also arranged acquisition financing for part of the portfolio.
The properties were built and/or acquired by Highwoods between 1982 and 1998, with three having been recently renovated. Together, the seven-asset portfolio had average occupancy of approximately 84 percent. The portfolio is a single campus known as Rexwoods, situated in the southeast corner of Blue Ridge Road and Lake Boone Trail in West Raleigh, a dense infill and affluent residential area and a preferred office destination in Raleigh.
The portfolio is a campus-adjacent medical cluste
