CHARLOTTE, N.C. (March 17, 2022) — Flagship Healthcare Trust, a Charlotte-based outpatient healthcare real estate investment trust (REIT), has expanded its home-base footprint by acquiring Toringdon Medical I, a Class A and fully leased medical office building (MOB) in Charlotte’s rapidly growing Ballantyne market.
The property is located at 12311 Copper Way near the 235-bed Atrium Health Pineville Hospital and is home to prominent healthcare tenants including Atrium Health’s Carolina Neurological Clinic, Novant Health Rheumatology & Arthritis – Ballantyne (NHRAB) and Schramm Dentistry.
Charlotte is emerging as a leading healthcare market; the sector contributes nearly $20 billion each year to the regional economy and employs more people than any other industry, according to the Charlotte Regional Business Alliance.
“Our region is developing a national and international reputation of industry excellence that is attracting the finest healthcare and medical practitioners,” said Gerald Quattlebaum, Flagship’s Executive Vice President of Acquisitions. “As this most recent acquisition reflects, we are setting a path for the future for our home market’s potential and will continue to look for opportunities to provide and service the facilities these professionals need to effectively grow their practices.”
The team at Fifth Third Bank, led by Michael Perillo, provided financing for the acquisition of this off-market transaction.