CHARLOTTE, N.C. — Flagship Healthcare Properties (Flagship), an outpatient healthcare real estate firm, has acquired a Class A, 100% leased, multi-tenant medical office building (MOB) in Fredericksburg, Virginia.
The property was built in 2007 and is located at 1071 Care Way. The MOB is ideally situated in the area’s expanding medical district and is adjacent to the 450-bed Mary Washington Hospital. Mary Washington Hospital offers specialized advanced care in five key specialty areas, including the nationally renowned Women’s Health Institute. The MOB is fully leased to the Rappahannock Women’s Health Center, the area’s leading OB-GYN practice, and the Laboratory Corporation of America, one of the largest clinical laboratory networks in the world. The tenants have a long standing, symbiotic relationship with over two decades of referral business and shared clients.
Fredericksburg is an affluent and fast-growing suburb of Washington, D.C. and close to Richmond, Virginia’s capital. The city’s population has increased by 16% in the last 15 years and is expected to continue to grow. Fredericksburg is renowned for its healthcare with major hospital systems such as Mary Washington Healthcare, HCA Virginia and Encompass Health. This was a factor in Fredericksburg being ranked #1 in Virginia for its quality of life, according to WalletHub.
“Market-leading tenants, quality of the real estate and location adjacent to the campus of Mary Washington Hospital just checked all the boxes,” said Gerald Quattlebaum, Flagship’s Executive Vice President of Acquisitions. “We are committed to supporting our tenants as they continue to meet the challenges of their growing patient population of Fredericksburg and surrounding communities.”
The property was acquired through Flagship’s private real estate investment trust, Flagship Healthcare Trust (Flagship REIT). Flagship will also provide property management and asset management services for the MOB.
The seller in this transaction was represented by Jim Kornick and Joe French of Avison Young.