Flagship Healthcare Properties Expands North Carolina Portfolio With Recent Acquisition

Healthcare real estate firm acquires medical office building in Hickory, North Carolina

Charlotte, N.C. (August 4, 2020) — Flagship Healthcare Properties (Flagship) once again expands its North Carolina footprint with the acquisition of Tate Medical Commons IV, a 55,912-square-foot medical office building (MOB), located at 1501 Tate Boulevard SE in Hickory, N.C.

The 100%-occupied MOB was built in 2004 and is anchored by Catawba Valley Medical Center (CVMC), part of Catawba Valley Health System which is the region’s largest not-for-profit community hospital. CVMC occupies a total of 42% of the building providing a full suite of diagnostic imaging services, wound care which includes hyperbaric treatment, and a sleep disorder study lab. In addition, Catawba Women’s Center occupies 34% of the building and provides a full range of OB-GYN services as the provider of choice in the Catawba Valley region of western North Carolina since 1972.

“The Tate IV medical office building represents our fifth acquisition in the Hickory-Unifour MSA in the last seven months,” said Gerald Quattlebaum, executive vice president of acquisitions at Flagship. “Hickory sits in a strategic position serving the healthcare needs of this region and there is a lot to like about this healthcare community, both from a provider, patient population and demographic standpoint. This facility is a critical healthcare destination for patients seeking hospital outpatient services as well as a synergistic blend of physician specialties.”

Flagship acquired the MOB through its private real estate investment trust, Flagship Healthcare Trust, Inc. (Flagship REIT). As the new owner of the building, Flagship will provide property management and asset management services.

Financing was provided by First Horizon Bank.