Commercial healthcare real estate firm adds Chenal Medical Pavilion to its portfolio as second acquisition in Little Rock this year
CHARLOTTE, N.C. (December 30, 2019) – Flagship Healthcare Properties (Flagship) announces its acquisition of Chenal Medical Pavilion, a 42,636-square-foot medical office building (MOB) in Little Rock, Arkansas. The building is located at 16115 St. Vincent Way, in the growing West Little Rock area, approximately twenty minutes from downtown. Built in 2014, the building is well-positioned adjacent to CHI St. Vincent – West Pavilion One and the Promenade at Chenal, an upscale mixed-use development.
The MOB is occupied by leading healthcare tenants including CHI St. Vincent Imaging, CHI St. Vincent Breast Center, Pinnacle Dermatology, Arkansas Pediatric Clinic, Cornerstone Pharmacy and Edwards Family Dentistry.
“We are excited to expand our presence in the flourishing West Little Rock submarket, which is enjoying strong growth,” said Gerald Quattlebaum, senior vice president of acquisitions at Flagship. “This asset is perfectly positioned to fill the needs and growing demand for medical services in the area.”
The largest tenant, CHI St. Vincent, is part of Catholic Health Initiatives (CHI). CHI St. Vincent has served Arkansas since 1888, and its network includes primary care, specialty clinics, urgent care, hospitals, home health, rehabilitation and surgery centers. CHI St. Vincent Imaging offers detailed, high-quality images to diagnose and determine treatment for virtually every part of the human anatomy including cardiac, gastrointestinal, vascular, soft tissue and bone. The CHI St. Vincent Breast Center is operated by Radiology Associates, PA, in partnership with the network, and offers the best diagnostic imaging tools available, including 3D Mammography (tomosynthesis) to better visualize breast tissue, digital screening mammography, dedicated breast ultrasound, breast MRI and computer-aided detection.
Flagship Healthcare Trust (Flagship REIT), Flagship’s private healthcare real estate investment trust, purchased the MOB. The transaction was brokered by JLL and was led by Brian Bacharach, managing director for healthcare in the Capital Markets Group. Flagship will provide property management, asset management and lease administration services.
Financing for the transaction was provided by First Horizon Bank.