Flagship Captial Led Group Acquires Medical Office Building
Investor Group acquires 60,600 SF Multi- Tenant Medical Office Building in Johnson City, TN
Flagship Capital Partners, LLC, the investment affiliate of Charlotte, NC based Brackett Flagship Properties, is pleased to announce the acquisition of 701 MedTech Park by a group of 1031 exchange investors, for a purchase price of $16.1 Million. The building is a 60,600 square foot Class A Multi-Tenant Medical Office Building in Johnson City TN. The property is located inside the Med Tech Park medical and professional office development and is situated on a 4.2 acre site adjacent to the new 240,000 square foot, 80-bed Franklin Woods Community Hospital and Wellness Center operated by Mountain States Health Alliance.
Anthony Lunceford and Joe Massa of the Marcus & Millichap’s Brentwood TN office represented the Sellers. Benjamin Bivens and Bill Transou of Flagship Capital Partners, LLC represented the Buyers. Mr. Bivens noted “This deal was complex in a number of respects and we were fortunate to have the team and resources to coordinate all of the details to get it closed. We were very pleased to meet the objectives of all parties and equally pleased to have entered the Eastern Tennessee market and look forward to expanding our healthcare holdings there.”
Flagship Capital Partners, LLC was founded in 2005 as a real estate investment company focusing on the acquisition of income-producing real estate in the United States. The Firm is a leader in creating innovative deal structures that are tailored to the needs of private real estate investors. Since its inception, the Firm has completed approximately $500 million in total transaction volume over the last five years including sale-leasebacks, portfolio acquisitions and other complex deal structures. In 2010, Flagship Capital Partners partnered with Diane Brackett Company to form Brackett Flagship Properties, LLC to provide property management, asset management and leasing services to the combined Companies’ portfolio and to third parties.
Flagship Capital Partners, LLC and Brackett Flagship Properties, LLC are headquartered in Charlotte, North Carolina.