FLAGSHIP HEALTHCARE PROPERTIES’ REIT ACQUIRES MEDICAL OFFICE BUILDING IN MEMPHIS, TENNESSEE

CHARLOTTE, N.C. — Flagship Healthcare Properties (Flagship), an outpatient healthcare real estate firm, has acquired a fully-leased, Class A medical office building (MOB) in Memphis, Tennessee.

The 26,913-square-foot property is located at 1727 Kirby Parkway and was originally built in 1984 but fully renovated in 2017. The MOB is 100% leased to Adams Patterson Gynecology & Obstetrics and The Prevention Group, a physical health and wellness clinic. The property is a part of the region’s medical corridor and is proximate to the 700-bed Baptist Memorial Hospital and 479-bed Saint Francis Hospital. The medical office provides easy access to Highway 72, near Interstates 240 and I-40.

Memphis’ leading industry is healthcare with nine major hospital systems in the area. Several colleges, universities and technical training institutes help to provide a talented workforce in the metropolitan area.

“Located adjacent to the highly desirable area of Germantown was a huge factor in our decision to pursue this property,” said Flagship’s Executive Vice President of Acquisitions Gerald Quattlebaum. “We will provide the real estate services our tenants want and need to excel in order to deliver high quality care for their patients.”

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.

Paul Zeman with Bull Realty represented the seller.