CHARLOTTE, N.C. (December 15, 2021) — Flagship Healthcare Trust, a Charlotte-based outpatient healthcare real estate investment trust (REIT), has acquired a Class A medical office building located at 1801 Gunbarrel Road in Chattanooga, TN.
The 14,800-square-foot building is home to the leading eye care provider, Pomerance Eye Center. Founded in 1984, the practice of dedicated doctors, led by chief surgeon, Glenn N. Pomerance, M.D., provides specialized vision care and surgical treatments to patients in southeast Tennessee, northwest Georgia, and northeast Alabama.
The property is conveniently located near I-75 and US 65, in a strong medical corridor, and directly adjacent to Erlanger East Hospital, a Silver Plus facility and Chattanooga’s number one employer that is known for premier healthcare offerings such as women’s health and critical care. Nearby amenities include retail and dining with access to major transportation corridors.
Flagship’s acquisition comes as Chattanooga rises in national prominence, with accolades including Top 10 Best Small Cities in America and Forbes #1 area where jobs will be in 2020. “Our entry into Chattanooga comes as the market’s growth is being led by its healthcare sector,” said Flagship’s Executive Vice President of Acquisitions Gerald Quattlebaum. “We’ve been very selective when it comes to opportunities in this market and this property checked all of the boxes. Tremendous location coupled with a highly desirable ambulatory surgery center component.”
“Our practice is driven to provide premier services for patients through a roster of skilled ophthalmologists and committed staff,” said Dr. Glenn Pomerance, Chief Surgeon of Pomerance Eye Center. “Flagship brings a complementary mindset of delivering excellence in all facets of healthcare-centric properties. We look forward to working with their team.”
The team at Fifth Third Bank, led by Michael Perillo, provided financing for the acquisition.