OVERVIEW
Taylor Vitreoretinal Center is a surgical practice in state-of-the art retina surgery. Currently located in North Raleigh, Dr. Nitin Gupta knew his lease would be expiring and engaged Rich Commercial Realty to locate existing facilities as well as potential suitable sites for review.
RESULTS
A survey of all existing medical office buildings for sale as well as an analysis of cost to retrofit the space for the specialized use for Taylor Vitreoretinal was undertaken. Additionally, two build to suit options were cost estimated. Cost for the existing medical buildings that were built since 1995 were too expensive as were the build to suit options. This created a larger search area and yielded a building outside the original focus area, but within a mile of the existing facility. The building built in 1985 had recently been purchased by UNC/Rex Hospital who purchased the existing medical practice. Clearly they were motivated to sale the property which had been on the market for 2 years, though the existing practice was not yet ready to relocate. A sale/lease back for 10 months provided income to the Buyer at which time the retrofit of the property would begin. In the end, both the Seller and Buyer achieved their goals and were extremely happy with the results.