FLAGSHIP HEALTHCARE PROPERTIES ACQUIRES PORTFOLIO OF MEDICAL OFFICE BUILDINGS IN ALABAMA
Healthcare real estate firm expands Alabama presence in Montgomery and Prattville
CHARLOTTE, N.C. (October 1, 2020) – Flagship Healthcare Properties (Flagship), an outpatient healthcare real estate firm, is pleased to announce the acquisition of a Class A medical office building (MOB) portfolio in Montgomery, Alabama and Prattville, Alabama.
The properties were acquired from Oral & Maxillofacial Surgery Associates (OMSA) who will continue to occupy both properties under long-term leases. OMSA was formed over 30 years ago and has grown to one of the largest specialty groups in the state with an estimated 70% market share in the greater Montgomery area. Between the two MOBs, there is a combined 10 operating suites, three procedure rooms, four X-ray rooms, eight exam rooms and a pathology lab.
“We couldn’t be happier to partner with this dynamic group of physicians and expand our presence in Alabama,” says Gerald Quattlebaum, executive vice president of acquisitions. “These physicians represent best-in-class and are the dominant, market leaders in the capital city. We look forward to supporting Oral & Maxillofacial Surgery Associates as they continue to grow to meet the needs of the patients in the greater Montgomery area.”
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 property management and asset management services.
The transaction was brokered by Josh Randolph of Colliers International out of Birmingham, Alabama. Financing for the acquisition was provided by United Bank.