FLAGSHIP HEALTHCARE PROPERTIES ACQUIRES MEDICAL OFFICE BUILDING IN RICHMOND MSA

CHARLOTTE, N.C. — Flagship Healthcare Properties (Flagship), an outpatient healthcare real estate firm, has acquired a Class A medical office building (MOB) in Mechanicsville, Virginia.

Located at 7521 Right Flank Road, the 15,000-square-foot property was purpose-built in 2014 by the seller practices. The building is 100% leased to Richmond Pediatric Associates, one of the largest and most well-respected pediatric practices in the region, and Richmond Pediatric Dentistry & Orthodontics, Richmond’s oldest pediatric dentistry and orthodontic practice. The MOB is ideally situated near Bon Secours Mercy Health’s 225-bed Memorial Regional Medical Center and is a part of a burgeoning medical corridor.

Mechanicsville is a suburb of Richmond, Virginia’s state capital. The region has more than 20 higher education institutions such as Virginia Commonwealth University, Virginia State University, and the University of Richmond. The greater Richmond area is home to several Fortune 500 companies and has a diverse economy providing businesses in the area a highly skilled workforce. Due to its diverse economy and workforce, Virginia has been named a top state for business five times by CNBC.

“This acquisition is a result of targeting quality outpatient healthcare assets in key markets within our REIT geography where we can add scale and density,” said Flagship’s Executive Vice President of Acquisitions Gerald Quattlebaum. “The continued growth of the northern suburbs of Richmond are an attractive area for new residents as well as healthcare providers, and an area that we would like to expand our presence.”

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 transaction was brokered by Malcolm Randolph and John Carpin of Colliers International.