FLAGSHIP HEALTHCARE PROPERTIES EXPANDS PRESENCE IN ALABAMA, FLORIDA AND VIRGINIA
CHARLOTTE, N.C. (December 30, 2020) – Flagship Healthcare Properties (Flagship), an outpatient healthcare real estate firm, has acquired medical office buildings and surgery centers located in three fast-growing markets in the southern and mid-Atlantic United States.
The acquisitions were in the following cities:
Montgomery, Alabama: The Montgomery Eye Medical Office and Surgery Center is a two-story, 27,000-square foot building at 2752 Zelda Road, near the center of the city and a five-minute drive to the three major hospitals in the region. The property is home for Montgomery Eye Physicians, a full-service ophthalmology practice established in 1997, and its surgery center, the first dedicated to eye surgery in the state. The acquisition is Flagship’s second in Montgomery and third in Alabama. Financing provided by Fifth Third Bank.
Maitland, Florida: Flagship’s second acquisition in the Greater Orlando region is a 44,000-square foot, two-story Class A office building at 790 Concourse Parkway South, eight miles north of the city’s central business district. The property is fully leased with four tenants. The anchor is Maitland Surgery Center, part of Surgical Care Affiliates, a national network of more than 210 surgical facilities where more than 1 million procedures are performed annually. Allen Inman and Andrew Larwood of Capital Real Estate Group represented the sellers. Financing provided by United Community Bank.
Williamsburg, Virginia: The Class A medical office building and separate, free-standing outpatient surgery center comprise 19,241 square feet on a 2.5-acre parcel at 5215 Monticello Avenue. The property is fully leased and anchored by Advanced Vision Institute (“AVI”), which has provided comprehensive eye care services in Williamsburg for more than 20 years. In 2016, AVI expanded their capabilities by constructing the Advanced Vision Surgery Center, a state-of-the art and the first privately-owned surgical facility in the area that specializes in ophthalmology care. Advanced Cardiovascular Institute provides a full range of common cardiac diagnostic and treatment options to heart disease prevention, and Digirad Imaging Solutions complete the suite of tenants. The acquisition is Flagship’s first in the Williamsburg market. Catherine Sparling of Cushman Wakefiled I Thalhimer represented the seller. Financing provided by Atlantic Union Bank.
“These acquisitions represent key investments in three dynamic health care markets across our geographic footprint in markets that we are seeking to add scale. All three met important targeting criteria including proximity to large hospital systems and local health care providers, as well as having an outpatient surgery center which is becoming a more critical piece in the delivery of healthcare across the country.,” said Gerald Quattlebaum, Flagship’s executive vice president of acquisitions. “Adding these properties to our portfolio is a strong finish to a record year that challenged our company, sector and nation in so many ways.”
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 asset management and property management services.