RALEIGH, N.C., Jan. 13, 2016 (GLOBE NEWSWIRE) -- Capital Square 1031 announced today that its Delaware statutory trust offering, CSRA NC MOB DST, comprised of a 16,024-square-foot medical office building near Raleigh, N.C., has been fully subscribed by investors. This is the 18th Capital Square 1031-sponsored DST offering fully subscribed since the company’s founding in 2012.
Located at 2503 E. Lyon Station Road in Creedmoor, the single-story building is 100 percent leased on a long-term basis to Duke University Health System. The 3.52-acre property includes 98 surface parking spaces.
“This is an institutional quality medical office building built in 2010 specifically for the Duke University Health System,” said Louis Rogers, founder and chief executive officer of Capital Square. “Capital Square 1031 believes that medical office buildings such as this are attractive investment opportunities because healthcare costs are growing dramatically to approximately 20 percent of the US economy, and such costs are projected to grow for decades to come.”
Duke University Health System, Inc. is comprised of three hospitals with 1,512 licensed beds based in Durham, North Carolina. The hospitals include the 957-bed, internationally acclaimed flagship care facility, Duke University Medical Center, located on the Duke University campus; the 369-bed Duke Regional Hospital in Durham; and the 186-bed Duke Raleigh Hospital in Raleigh.
Duke Health is independently rated AA by Standard & Poor’s and Aa2 by Moody’s Investor Services and is a controlled affiliate of the AA+/Aa1-rated Duke University. For the 2014 fiscal year, Duke Health performed more than 85,000 surgical procedures, had nearly 63,000 inpatient admissions and received around two million outpatient visits.
Raleigh, the state capital of North Carolina, placed second on Forbes’ list of The Cities Creating the Most Technology Jobs, growing its tech employment by 54.7 percent between 2001 and 2013, and also ranks second on Forbes’ list of The Best Places for Business and Careers. The Raleigh, N.C. Metropolitan Statistical Area has an approximate population of 1.24 million people, according to the U.S. Census Bureau, and is projected to reach 1.34 million people by 2019, according to AccessNC, a research tool of the North Carolina Department of Commerce. The Raleigh Durham area is well known nationally for higher education, including renowned Duke University, University of North Carolina, Wake Forrest, and North Carolina State.
About Capital Square 1031
Capital Square 1031 specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and cash (non-1031) investors using the Delaware Statutory Trust structure. As of December 31, 2015, the company oversees a growing national portfolio of 39 real estate assets valued at approximately $370 million, based on investment cost. Louis J. Rogers, founder and chief executive officer of Capital Square, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including DST, tenant-in-common, numerous real estate funds, and multiple publicly registered non-traded real estate investment trusts.
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Source:Capital Square Realty Advisors, LLC