HOLLY SPRINGS, NC / ACCESSWIRE / November 14, 2024 / Blue Ridge Capital Fund (BRCFund.com) is proud to announce the acquisition of Villages on Main, a premier medical office property located at 1070 South Main Street, Holly Springs, North Carolina, for $12.3 million. Our acquisition, finalized October of 2024, represents a significant addition to Blue Ridge Capital Fund's growing portfolio of high-demand medical and commercial assets.
A Strategic Acquisition in a High-Growth Market
Villages on Main is a 37,175 square foot, newly constructed medical office building situated in one of North Carolina's fastest-growing cities. Holly Springs has experienced a population surge of more than 60% in the past decade, with a projected five-year growth rate of 21.8%, making it one of the most attractive areas for real estate investment in the state. The town's demographic profile is highly favorable, with young, affluent families and a median household income of $105,265, making it an ideal location for medical and office tenants.
The property is located along South Main Street, a heavily trafficked corridor with over 24,500 vehicles passing daily, and it benefits from proximity to two major retail centers-Shoppes at Holly Springs and SouthPark Village. With its modern design, ample parking, and strategic location, Villages on Main is poised to become a central hub for medical services in the community.
Pre-Leased to Anchor Tenants with Strong Growth Potential
Imagine a scenario where a newly constructed building is 50% leased prior to acquisition? This is a key strategy for the BRC Fund. We are pleased to share that we have exceeded this goal with Villages on Main, already securing several key tenants, including Triangle Family Dentistry backed by LightWave Dental, which has signed a 10-year lease for 7,000 square feet. Additionally Kimley-Horn, one of the nation's premier engineering, planning, and design consultants, which has signed a seven-year lease for 11,400 square feet. We also have a 10-year lease with Holly Springs Endodontics for 3,500 square feet is in the final stages of execution. These pre-acquisition leases account for 62% of the building's occupancy, with another 5,900 square feet under a letter of intent, bringing the anticipated occupancy to 78% by Q1 2025.
All leases are structured as triple net leases, allowing for the recovery of taxes, insurance, and common area maintenance (TICAM) expenses, providing long-term stability and predictable cash flow for Blue Ridge Capital Fund.
A Strategic Fit for Blue Ridge Capital Fund's Long-Term Vision
"This acquisition is an exciting step forward for our fund as we continue to invest in high-growth markets with strong demand for medical and office spaces," said Jimmy Ricard, General Partner at Blue Ridge Capital Fund. "Villages on Main aligns perfectly with our strategy of acquiring assets in rapidly growing areas with favorable demographics. We are confident this property will generate significant long-term value for our investors."
The property is expected to deliver over a 15% internal rate of return (IRR), reinforcing Blue Ridge Capital Fund's commitment to delivering robust, risk-adjusted returns for its investors. Following this acquisition, BRC Fund is set to close on two additional medical properties: The Glennon in Wendell, NC, and the New Hill development in Holly Springs, NC, both slated for completion in 2026 and will both have pending leases for additional mega dental practices.
A closing word from GP Dr. Erin Hudson, "We are thrilled about the addition of Villages on Main to our portfolio, and this is just the beginning! At Blue Ridge Capital Fund, we're not only building high-demand medical and commercial assets - we're creating opportunities for meaningful partnerships and growth. Villages on Main represents just the beginning of our long-term vision to shape the future of medical and commercial real estate investment."
If you are intrigued by what the future holds or want to explore how you can be part of our journey, we invite you to connect with us. Whether it's learning more about our next acquisitions or joining us as an investor, we'd love to welcome you into the Blue Ridge Capital family.
Let's shape the future together-reach out today at investor@brcfund.com.
Invitation to Investors
Blue Ridge Capital Fund invites investors interested in high-growth opportunities, backed by private equity-funded medical leases and long-term triple net lease structures, to explore investment opportunities with the fund. For more information, please contact investor@brcfund.com or connect with them on LinkedIn.
About Blue Ridge Capital Fund
Blue Ridge Capital Fund specializes in high-end medical and underutilized commercial property investments across the Mid-Atlantic. With over $50 million in assets under management and a proven track record, the fund is focused on strategic growth in high-demand markets. Led by Dr. Hesham Baky, Gerhard Renner, Dr. Erin Hudson and Jimmy Ricard, BRC Fund is on track to raise $100 million within 18 months of its Q1 2024 launch.
About AB&B Commercial Real Estate
AB&B Commercial Real Estate (AB&B CRE) is a vertically integrated real estate fund management firm responsible for the acquisition, repositioning, and management of commercial properties across North Carolina. AB&B CRE serves as the property manager for Villages on Main. For leasing inquiries, please contact leasing@abbcre.com.
SOURCE: Blue Ridge Capital Fund
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