CHARLOTTE, N.C. (December 30, 2021) — Flagship Healthcare Trust, a Charlotte-based outpatient healthcare real estate investment trust (REIT), has acquired a Class A, 100% leased medical office and surgical building (MOB) located at 3185 W. State Street in Bristol, TN.
The tenant, Mountain Empire Eye Physicians, headquartered in Bristol, is a leading ophthalmology and audiology medical practice, with satellite locations in Northeast Tennessee and Southwest Virginia. The practice is a part of Atlantic Vision Partners, a premier provider of medical and surgical eye care, that supports growing practices in Virginia, North Carolina, and Tennessee.
As part of the burgeoning Tri-Cities region, including Johnson City and Kingsport, Bristol is supported by the 288 bed, Bristol Regional Medical Center, which is part of the Ballad Health System network of hospitals. With immediate access to Interstate 81, Bristol benefits from a broad patient population covering areas of southern Virginia and northeast Tennessee.
“We’re thrilled to expand our footprint in Tennessee and connect with a market leader in Mountain Empire Eye Physicians and continue our partnership with Atlantic Vision Partners.” said Flagship’s Executive Vice President of Acquisitions, Gerald Quattlebaum. “The healthcare sector is becoming a focus of growth and opportunity in Bristol and the Tri-Cities region, and we’re excited and ready to lead the way.”
The team at Fifth Third Bank, led by Michael Perillo, provided financing for the acquisition of this off-market transaction.