Selected Projects


Charlotte Medical Plaza 1 & 2

300 and 330 Billingsley Road, Charlotte, N.C. 
Type: Medical Office
Status: Acquired in 2011, Sold in 2017
Leased area: 95,000 rentable square feet – 2 Buildings
Occupancy at Acquisition: 73%   Occupany at Sale: 88%

 

Description: Insite Properties acquired these two medical office buildings in Charlotte, N.C. in 2011 in a joint venture with Alex Brown Realty. The properties are adjacent to each other and are “sister” buildings from a design perspective.  Charlotte Medical Plaza I & II are located within the core of Charlotte's medical submarket along Randolph Road with close proximity to both of the metro areas major hospital systems; Carolinas Medical Center-Main Campus (Carolinas HealthCare System) and Presbyterian Medical Center (Novant Health). The property has historically operated at around 92% occupancy. Anchor Health Properties purchased the property in February of 2017 and maintained Insite Properties as Property Manager and Leasing Agent.

The business plan:
  • Complete renovation of all common areas which was completed in 2012
  • Repaving all the parking lots and replacing both roofs which was complete in 2015
  • Streamline operating expenses through efficient management and the elimination of duplicative service contracts as these two assets had never been owned by the same entity
  • Aggressive leasing and marketing campaign to increase occupancy to 88%
  • Features:
  • Diverse mix of regional and national medical practices with long term tenancy
  • Completely renovated common areas
  • Abundant parking at 5 spaces per 1,000 sf
  • Sale of Charlotte Medical Plaza 1 & 2





    Grinnell Water Works Building

    1435 W. Morehead Street, Charlotte, NC. 28208
    Type: Professional Office
    Status: Acquired in 2011, Sold in 2016
    Leased area: 52,000 rentable square feet
    Occupancy at Acquisition: 90%  Occupancy at Sale: 100%

    Description: Insite Properties capitalized on an opportunity to acquire this very well located "financially distressed" professional office building in 2011. Grinnell Water Works is located in a section of the desirable Midtown submarket of Charlotte, N.C. known as “Freemore West”, a mile from the central business district. Through persistent communication with a special servicer, Insite was able to acquire this property at a discount to value. The property was purchased by Northridge Capital in December of 2016 and Insite Properties was maintained as Property Manager and Leasing Agent.

    The business plan:
  • Negotiate with existing tenants to solve "legacy" issues and ensure their continued tenancy,
  • Aggressive leasing strategy to absorb remaining vacancy, and
  • Improve landscaping, outdoor seating, entrance and building common interiors to be consistent with a Class A property.
  • Property Features include:
  • Building is registered as a Historic Landmark by the Charlotte Mecklenburg Historic Landmarks Commission
  • Former industrial manufacturing facility adaptively redeveloped for office use in 2000
  • Creative office space; part of an extremely small subset of such buildings in the Charlotte market that offer exposed brick and structural steel framing, high window walls, concrete floors and sky lights.

  • Sale of Grinnell Water Works Building




    Cross Creek Medical Building

    325 Folley Road, Charleston, S.C.
    Type: Medical Office
    Status: Consulting - Disposition, 2nd Quarter, 2012
    Leased area: 60,518 rentable square feet
    Occupancy at Disposition: 95%

    Description: Insite Properties uncovered this off-market Class A off-campus medical office acquisition opportunity through its prospecting efforts in late 2011. The owner of the property developed Cross Creek Medical Building in the initial phase of the Cross Creek Village master plan located on James Island. The master plan includes an adjacent shopping center site proposed for future development, all originally tied to the same parcel. Insite Properties was able to successfully bifurcate the parcel, negotiate and implement the necessary cross parking easement agreements in order to satisfy parking requirements for the medical building, and facilitate the disposition of the medical office asset on behalf of the owner at an attractive return.

    Features:
  • Majority of space leased to AAA credit-rated Roper Hospital system
  • Adjacent +/-4 acre shopping center retained by seller for future development
  • Irreplaceable location within minutes of downtown Charleston






  • Triangle Orthopaedic Associates, P.A. Portfolio

    Raleigh/Durham, N.C.
    Type: Medical Office and Specialty Hospital
    Status: Insite represented the buyer in the acquisition - sale/lease-back of the portfolio from Triangle Orthopaedics Associates and is currently providing asset and property management services for the new owner.
    Leased area: 161,238 rsf

    Description: Insite Properties identified the lightly marketed acquisition opportunity in 2015, brought the opportunity to CNL Financial and assisted CNL through the acquisition process to purchase the portfolio that includes the 58,189 sf North Carolina Specialty Hospital, and four medical office buildings, totaling 103,049 sf, occupied by Triangle Orthopaedics Associates. Insite’s asset/property management services will add value to the project through its value management platform and by minimizing operating expenses throughout the portfolio.

    Features:
  • Triangle Orthopaedics Associates, the single tenant of the four MOB’s, is one of the premier orthpaedics groups in the Raleigh/Durham area
  • Tenant leases all had 11-14 years remaining at acquisition
  • All buildings are high quality assets that were built between 2004 and 2011
  • Assets are located in the high growth Raleigh/Durham region.





  • Matthews Parkway Corporate Center Building 1

    710 Park Center Drive, Matthews, N.C.
    Type: Medical Office
    Status: Developed in 2009, Sold in 2011
    Leased area: 40,000 rentable square feet
    Occupancy at Disposition: 95%

    Description: Insite Properties developed this three-building project in downtown Matthews, about 10 miles southeast of downtown Charlotte. Insite built and sold a 10,000 square foot office building to Morningstar Mini Storage for its corporate headquarters. Additionally, Insite built and sold a 40,000 square foot medical office building to be home to the Matthews operation of the region’s leading orthopedic practice, OrthoCarolina. The last development pad is available and ready to be improved.




    The Atrium Corporate Center

    4421, 4335, 4339 Stuart Andrew Boulevard, Charlotte, N.C.
    Type: Professional Office
    Status: Third-Party Leasing & Property Management (Engaged August 2012)
    Leased area: 155,000 rentable square feet
    Occupancy at Project Commencement: 28%

    Description: Insite Properties was selected from a competitive set of local commercial real estate companies to partner with Ares Management. Insite’s responsibilities as Ares’ partner were to provide third-party property management, construction management and leasing services for the new partnership in August 2012. 

    The business plan calls for:
  • Negotiate with existing tenants to solve "legacy" issues and ensure their continued tenancy
  • Aggressive leasing strategy to absorb remaining vacancy
  • Aggressive capital improvements to buildings
  • Features:
  • Leased 45,000 square feet
  • Assisted in sale of property to Charlotte Mecklenburg School Board