Realty Trust Group Advises Cone Health in Strategic Hospital Disposition
14 September 2021
On August 31st, 2021 Cone Health closed on a transaction to acquire approximately 7-acres of land in Green Valley Office Park, Greensboro's premier general and medical office corridor, and dispose of the facility operated by Cone Health and previously known as Women's Hospital. Realty Trust Group ("RTG") served as Cone Health's exclusive real estate advisor in the transactions.
The project initially began in early 2019 as an evaluation of opportunities available to Cone Health for the facility once services were relocated to the Moses Cone Hospital campus in 2020, culminating with a strategy to buy a 140,000 square foot general office building and additional land for future development in exchange for the vacant hospital. The first phase of the transaction, an $18.5M building acquisition, closed in October 2020. The remaining property swap was deferred due to the COVID-19 Pandemic as Cone Health converted the former Women's Hospital to a COVID treatment facility. Following treatment of over 4,700 COVID-19 patients, testing and other COVID-related services have been relocated to other Cone Health facilities in the area.
Adam Luttrell, Vice President with RTG, led the strategic analysis and multi-phase transaction through completion. Cone Health's executive team recognized Luttrell and the RTG team noting their "…expertise to guide us through these transactions including managing negotiations and planning while we navigated a pandemic and merger exploration."
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About Realty Trust Group
Realty Trust Group, LLC ("RTG") is a real estate advisory and services firm offering a full spectrum of real estate services including advisory, development, transactions, operations and compliance.
Since 1998, RTG has helped hospitals, physician groups, and property owners navigate the rapidly changing industry with growth strategies that gain market leadership as well as enhance patient and physician experiences for better delivery of care. Our philosophy is to provide innovative solutions to the complex and challenging issues found in today's healthcare real estate market. These solutions include strategic campus and facility planning, portfolio optimization, portfolio monetization, project development, leasing, acquisition and disposition services, portfolio management, regulatory compliance and many other ideas and services. For more information about RTG and our innovative healthcare real estate services, visit www.realtytrustgroup.com, Facebook, LinkedIn, or call 865-521-0630.
Contact: Angie Surface
Realty Trust Group