CHARLOTTE, N.C. — Flagship Healthcare Properties (Flagship), an outpatient healthcare real estate firm, has acquired a Class A, 100% leased medical office building (MOB) in Winter Park, Florida.
The property is located in downtown Orlando at 954 S. Orlando Avenue in close proximity to the 300-bed AdventHealth Winter Park hospital. The former office building was extensively renovated and repurposed as a medical office building in 2022. The MOB is anchored by RAYUS Radiology, a full-service, diagnostic imaging clinic with locations in 22 states. Other tenants in the project include a plastic surgery practice along with an oral and maxillofacial surgical group.
Winter Park is a part of the Orlando-Kissimmee-Sanford metropolitan statistical area (MSA), the third largest MSA in Florida and the 23rd largest in the U.S. The area is known for its robust life sciences, healthcare and innovative technology sectors and has one of the fastest growing job markets and populations in the U.S. The area is also a top destination for healthcare and home services and outpaces the national growth rate by 10%.
“We absolutely love Orlando and you couldn’t find a more ideal location as it relates to access to the two large health systems serving this premier market and the growing patient population of Winter Park,” said Flagship’s Executive Vice President of Acquisitions Gerald Quattlebaum. “The previous owners did a remarkable job in repurposing this property into a Class A, destination healthcare facility and we will do everything in our abilities to continue to operate it as such.”
Flagship acquired the MOB through its private real estate investment trust, Flagship Healthcare Trust (Flagship REIT). Flagship will also provide property management and asset management services for the MOB.
The sellers in this transaction were represented by Matthew Wienberger with Franklin Street.