Novant Health

Project Overview

Built in 2007, this 12,810 SF medical building is Novant Health’s flagship location in University City, home to the University of North Carolina at Charlotte and more than 20 regional offices for Fortune 500 companies. This building is 100% occupied by Novant Health.

Tenant Creditworthiness

Novant Health University Family Physicians is a wholly-owned subsidiary of Novant Health, Inc. (Fitch’s: AA-). Novant Health is the second-largest healthcare system in Charlotte, with over 40,000 employees and $8.3 billion in annual revenue (2023).

Robust Multifamily Development

There are 5,202 new multifamily units (1,512 units in lease-up / 3,690 units under construction) within a 15-minute drive to this property.

Strong Population Density

Within a 15-minute drive, there is a population of 290,215 and 108,973 households. This family medicine practice has been operating at this location since its opening in 2007 and has a long-established patient base.

A Popular College Town

The University of North Carolina at Charlotte (UNCC) has surpassed the University of North Carolina at Chapel Hill as the second-largest university in North Carolina with a total enrollment of 30,146 students.

Rapidly Aging Population

This location benefits from rapidly aging demographics: 4.42% population growth per year (age 65+), 6.54% population growth per year (age 75+), and 3.99% population growth per year (age 85+) over the next five years.

Location Overview

This property is located on the edge of the North Charlotte and University City submarkets. It is within the last-mile to many residential homes, schools, supermarkets, and nearby many retirement amenities. It is within a 4-minute drive to the University Research Park.

Growth Catalyst

As the second-largest employment center in Charlotte with over 75,000 jobs, University City is an epicenter for learning, innovation, and healthcare. Talent pool, easy access to interstates and two airports, housing affordability, and a new light rail connecting University City to Charlotte’s CBD, great outdoors for natural escape make this place ideal for corporate and family relocation.

Population Growth

The University City submarket has experienced the most population migration during COVID due to a lower living cost, newer housing options, a new light rail infrastructure connecting University to Uptown Charlotte, and 37 miles of greenway outdoor escapes. Many people who lived in Uptown Charlotte moved to the University City.

Strong GDP Growth

Charlotte’s GDP has grown at a 7.8% compounded annual growth rate (2018-2023). Charlotte ranks 3rd among all U.S. metros, only behind Austin and Nashville, in net migration of tech company employees since the start of the pandemic in 2020.