OrbVest Global Real EstateInvestment Overview
OrbVest is pleased to present the Kinston Medical Office Portfolio. This well-maintained Class B medical office property is located in downtown Kinston, North Carolina. The property totals 82,317 SF and is approximately 100% occupied by seven medical tenants. OrbVest believes this is a great opportunity to acquire a Core-Plus medical office asset in a growing market in the state of North Carolina. The property is situated at 701 Doctors Drive & 2511 N Queen Street, Kinston, NC and is a well-maintained medical office portfolio.
The property totals 82,317 SF and is fully occupied by medical tenants. The properties were completed between 1975 & 1990 and have substantial tenant capital improvement packages completed since completion. The property sits on approximately 13.79 acres of land that is one story. The portfolio has a weighted average lease term (WALT) of 4.5 years. Each building offers abundant parking (6 spaces/1,000 SF) with walk-in access to each of the tenant ‘s individual suites. The wood frame and brick masonry buildings sit on a concrete slab within a park setting with updated wayfinding (2022) allowing the patients ease of ingress/egress to each individual specialist. The strategy is to hold the portfolio for a 5-year term and renew existing leases that expire during this period.
OrbVest will be the sponsor of this transaction and is negotiating with a local specialist property management company to manage the property on a day-to-day basis.
