Healthcare real estate firm acquires three properties in dynamic mid-market cities
Flagship Healthcare Properties (Flagship), an outpatient healthcare real estate firm, has acquired medical office buildings and surgery centers located in three fast-growing markets in the southern and mid-Atlantic United States.
The acquisitions were in the following cities:
Maitland, Florida: Flagship’s second acquisition in the Greater Orlando region is a 44,000-square foot, two-story Class A office building at 790 Concourse Parkway South, eight miles north of the city’s central business district. The property is fully leased with four tenants. The anchor is Maitland Surgery Center, part of Surgical Care Affiliates, a national network of more than 210 surgical facilities where more than 1 million procedures are performed annually. Allen Inman and Andrew Larwood of Capital Real Estate Group represented the sellers. United Community Bank provided financing.
Montgomery, Alabama: The Montgomery Eye Medical Office and Surgery Center is a two-story, 27,000-square foot building at 2752 Zelda Road, near the center of the city and a five-minute drive to the three major hospitals in the region. The property is home for Montgomery Eye Physicians, a full-service ophthalmology practice established in 1997, and its surgery center, the first dedicated to eye surgery in the state. The acquisition is Flagship’s second in Montgomery and third in Alabama. Fifth Third Bank provided financing.
Williamsburg, Virginia: The Class A medical office building and separate, free-standing outpatient surgery center comprise 19,241 square feet on a 2.5-acre parcel at 5215 Monticello Avenue. The property is fully leased and anchored by Advanced Vision Institute (“AVI”), which has provided comprehensive eye care services in Williamsburg for more than 20 years. In 2016, AVI expanded their capabilities by constructing the Advanced Vision Surgery Center, a state-of-the art and the first privately-owned surgical facility in the area that specializes in ophthalmology care. Advanced Cardiovascular Institute provides a full range of common cardiac diagnostic and treatment options to heart disease prevention, and Digirad Imaging Solutions complete the suite of tenants. The acquisition is Flagship’s first in the Williamsburg market. Catherine Sparling of Cushman Wakefiled I Thalhimer represented the seller. Atlantic Union Bank provided financing.
“These acquisitions represent key investments in three dynamic healthcare markets across our geographic footprint in markets that we are seeking to add scale. All three met important targeting criteria including proximity to large hospital systems and local healthcare providers, as well as having an outpatient surgery center which is becoming a more critical piece in the delivery of healthcare across the country,” said Gerald Quattlebaum, Flagship’s executive vice president of acquisitions. “Adding these properties to our portfolio is a strong finish to a record year that challenged our company, sector and nation in so many ways.”
Flagship acquired the MOBs through its private real estate investment trust, Flagship Healthcare Trust, Inc. (Flagship REIT). As the new owner of the buildings, Flagship will provide asset management and property management services.
Flagship Healthcare Properties, LLC (Flagship) is a fully-integrated outpatient healthcare real estate firm serving clients throughout the Southeastern and Southern Mid-Atlantic United States. Headquartered in Charlotte, North Carolina, Flagship offers a full range of real estate services including investment and capital solutions, development, property sales, leasing and marketing, as well as facilities, property and asset management. Flagship manages over 4.3 million square feet of healthcare real estate across more than 165 properties serving in excess of 465 tenants. The firm has developed or acquired over 80 properties valued at more than $675 million. Flagship serves as the manager of its private REIT, Flagship Healthcare Trust, Inc. For further information, visit www.FlagshipHP.com.