Flagship Healthcare Trust, a Charlotte-based outpatient healthcare real estate investment trust (REIT), has acquired a Class A, 94% leased medical office building (MOB) in Hickory, North Carolina.

Anchored by Fresenius Kidney Care, the 50,347 square-foot building is a part of the area’s burgeoning medical district with the 355-bed Frye Regional Medical Center and Catawba Valley Medical Center in close proximity to the property. The building is easily accessible to the nearby thriving commercial district and I-40.

With a growing population of 380,000, the Hickory metropolitan area is experiencing economic transformations in its healthcare and manufacturing sectors due to its proximity to Charlotte and Asheville and being home to Lenoir-Rhyne University. The city has been named an All-American City three times by the National City League, a Best Place for Business and Careers by Forbes magazine and one of the Top 10 places to retire in North Carolina by WRAL.

“Hickory and the surrounding Piedmont is one of North Carolina’s most dynamic regions, with booming medical, technology, and manufacturing sectors,” said Gerald Quattlebaum, Flagship’s Executive Vice President of Acquisitions. “As the REIT portfolio attests, our acquisition team remains committed to growing our footprint in this part of our world and to provide some of the region’s first-rate healthcare providers with a best-in-class property and asset management team.”

The team at Fifth Third Bank, led by Michael Perillo, provided financing for the acquisition of this off-market transaction.