Flagship Healthcare Trust Acquires Lexington Kentucky Portfolio
LEXINGTON, KY – January 3, 2019 –Flagship Healthcare Trust, Inc. (”Flagship REIT”) announced that it has acquired the Lexington Clinic Portfolio in Lexington, Kentucky. The 144,247-square-foot portfolio consists of five medical office buildings (“MOB”) fully leased by Lexington Clinic on a long-term basis.
“As we expand into a new market, the acquisition of the Lexington Clinic Portfolio aligns us with the largest, most dominant multi-specialty practice in Central Kentucky. We are proud to have been selected as their real estate partner for this attractive portfolio, and we are honored to welcome the Lexington Clinic as investors in the Flagship REIT.” said Gerald Quattlebaum, Senior Vice President of Acquisitions with Flagship Healthcare Properties (“Flagship”), manager of Flagship REIT.
Lexington Clinic is Central Kentucky’s largest multi-specialty medical group, and has proudly served patients since 1920. From establishing the first radiology department in Lexington to implementing one of the first electronic medical records systems, Lexington Clinic has a rich history of medical innovation and superior care for its patients and community.
“Flagship Healthcare Properties has a proven record of excellence and Lexington Clinic is excited to collaborate with such a strong partner,” says Lexington Clinic CEO Andrew Henderson, MD.
“We are honored to have been chosen by Lexington Clinic to be their real estate partner,” added Charles Campbell, CEO of Flagship Healthcare Properties, “and look forward to bringing the full resources and capabilities of the Flagship team to bear in supporting the Clinic’s continued growth and success going forward.”
The portfolio includes the Lexington Clinic ASC (“Ambulatory Surgery Center”), the primary outpatient surgical center for more than 200 providers in the overall clinic practice. Other assets in the portfolio are Lexington Clinic East MOB located on the campus of St. Joseph’s Hospital, Lexington Clinic Beaumont MOB providing outpatient primary care services to the Beaumont Park area in west Lexington, Lexington Clinic Veterans Park MOB serving south Lexington, and Jessamine Medical Center MOB delivering care to southwest Lexington.
Launched in early 2018, Flagship REIT owns clinical outpatient healthcare assets in the United States. Acquisition of the Lexington Clinic portfolio increases the total market value of assets owned by the Flagship REIT to nearly $350 million. More than forty properties across nine states provide investors with a diversified portfolio in some of the most attractive markets in the country, while Flagship’s tenants benefit from an experienced, healthcare-focused team of professionals.
Cliff Berryman of Flagship represented the buyer and Lexington Clinic represented itself in the transaction.
Capital Bank, a member of the First Horizon family of companies, provided financing for the transaction.