Charleston Cancer Center trades for $10.1M

BOSTON Aug. 4, 2023 –  JLL Capital Markets announced today that it arranged the $10.1 million sale of the Charleston Cancer Center totaling 26,256 square feet in Charleston, South Carolina at a 5.28% cap rate. 

JLL worked on behalf of the seller, Global Medical REIT (NYSE: GMRE), and procured the buyer, Skytree Ventures, LLC.

The two-story, newly renovated medical office building is located at 2910 Tricom St. The property includes specialty treatment equipment including an infusion area, computed tomography (“CT”) imaging, a lab and an area on the second floor for clinical studies personnel.

The property is strategically located adjacent to the 321-bed Trident Medical Center in a strong healthcare corridor with additional presences from Roper Saint Francis Health (“Roper” or “RSFH”) and the Medical University of South Carolina. The Charleston Cancer Center is a single tenant clinical building with multiple cancer related specialties treated within the premises. The center was originally built in 2002 and has received renovations by both current ownership and tenant, RSFH, following Roper's acquisition of Charleston Oncology.

“We are very pleased with the results of this sale and thank the buyer and the JLL investment sales team for their strong execution.  Particularly meaningful in a turbulent and uncertain market, this sale underscores the quality of the assets in our portfolio and our ability to create value for our investors,” stated Alex Wilburn, Senior Vice President at Global Medical REIT.

The JLL Capital Markets Investment Sales team was led by Managing Director Brannan Knott, Executive Managing Director Lee Allen, Senior Managing Directors Mindy Berman and Alex Sharrin, Director Daniel Flynn and Associate Landon Weaver.

“The Charleston Cancer Center had all the investment merits to attract investors from the institutional to private capital and our collective team was able to drive a multitude of offers across the investor spectrum despite the broader market headwinds.  This speaks more loudly, to how we always look for the best outcome for our clients and drew across our healthcare, net lease and local capital markets expertise to optimize this sale,” said Knott.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Global Medical REIT Inc. (NYSE: GMRE) is a net-lease medical office real estate investment trust (REIT) that owns and acquires healthcare facilities and leases those facilities to physician groups and regional and national healthcare systems.