Winston Salem Journal - July 14, 2009
Novant Health said yesterday that it has sold 12 office buildings in Forsyth County, which it will lease back from the new owners.
CGRE Holdings, a private investment group, acquired the buildings; CGRE and Novant agreed not to disclose the purchase price.
'The transition will be seamless and the people who work or visit these locations will not notice any changes,' said Dean Swindle, the chief financial officer and president of ambulatory services with Novant.
'The proceeds from the sale will be used to help finance capital projects important to our communities such as the construction of community hospitals already under way, renovations, new outpatient facilities, medical technology and equipment.'
Novant Health is a not-for-profit organization and, as a result, the sold properties or a portion of the properties had been tax-exempt.
Under new ownership, these properties will return to the property tax base, where Novant estimated they would provide about $300,000 in annual tax revenues.
Sphere: Related Content