UNC medical facility in Chatham Park sold for over $11 million to Tennessee firm

By Evan Hoopfer – Staff Writer, Triangle Business Journal
September 9, 2021

The Chatham Park medical office building that’s home to UNC Health traded hands for over $10 million last week.

Montecito Medical, based in Nashville, Tennessee, bought the property at 75 Freedom Parkway in Pittsboro for $11.37 million, according to a deed dated Sept. 2. The seller is listed as Privato, an LLC which lists Preston Development founders Tim Smith and Julian “Bubba” Rawl among its company officials.

Preston Development is the Cary-based company behind the massive Chatham Park development that could one day be home to 22,000 residences and 22 million square feet of commercial and office space.

Moss Withers, SIOR, MBA and Russell Stewart, J.D. of Lee & Associates Raleigh-Durham represented the sellers.