CHARLOTTE, N.C. — Flagship Healthcare Properties (Flagship), an outpatient healthcare real estate firm, is pleased to announce the acquisition of the Class A, newly renovated Cary Medical Pavilion in Cary, North Carolina.
The 65,955-sqaure-foot medical office building (MOB) is in close proximity to the 208-bed WakeMed Cary Hospital, one of the county’s top employers that offers premier full-service care. Cary Medical Pavilion is also conveniently located in between the area’s downtown and the US-1/64 and Tryon Road intersection, with several retail and dining amenities nearby.
Part of the dynamic Research Triangle Park, Cary is an affluent suburb of North Carolina’s capital city, Raleigh. The Triangle metropolitan area consistently earns high rankings nationally for quality of life and as a place to do business. Cary’s regional growth is due in large part to its robust medical sector and pharmaceutical research offerings, with major employers such as Duke Health Systems, WakeMed Health and Hospitals, UNC Rex Healthcare System and more. Due to its growth and bustling economy, Cary has been recognized as one of the Top 100 Best Places to Live in America and Best Places to Live in North Carolina.
“Cary is at the forefront of dynamic development in the Triangle area. The market’s potential, along with the region’s strong economy, fast-growing population and strong healthcare sector, made this property very attractive,” said Flagship’s Executive Vice President of Acquisitions Gerald Quattlebaum. “We are fortunate to add this newly renovated property to our portfolio and that we are able to further expand our presence in the Triangle.”
Flagship acquired the MOB through its private real estate investment trust, Flagship Healthcare Trust (Flagship REIT). As the new owner of the buildings, Flagship will provide property management and asset management services.