Realty Trust Group Advises Cone Health in Strategic Hospital Disposition

Cone Health recently closed on a transaction to acquire approximately seven acres of land in Green Valley Office Park, Greensboro, North Carolina’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 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 $18.5-million 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.