FLAGSHIP HEALTHCARE TRUST ACQUIRES SURGERY CENTER IN PANAMA CITY, FL

Outpatient healthcare real estate firm expands Florida presence 

CHARLOTTE, N.C. (January 4, 2020) – Flagship Healthcare Trust (Flagship), an outpatient healthcare real estate investment trust, has added the Panama City Surgery Center to its growing South Region portfolio. This marks the 2nd acquisition for Flagship in Florida within the last week.

Located at 1800 Jenks Avenue, the property is a Class A, 17,000-square foot, state-of-the-art ambulatory surgery center (ASC) that is considered the leading facility of its type in the region. The ASC provides advanced robotics and laser-assisted surgeries and other procedures in four operating rooms and two GI/pain procedure rooms. In addition, Panama City Surgery Center is a part of the Surgical Care Affiliates (SCA) network of ambulatory surgery centers. Panama City Surgery Center is located along the city’s medical corridor less than one mile from the Gulf Coast Regional Medical Center, a 223-bed acute care hospital that is a part of HCA Healthcare.

“This acquisition epitomizes our strategy of adding the most advanced, strongest-performing ASCs in dynamic healthcare markets in our geography,” said Gerald Quattlebaum, Flagship’s Executive Vice President of Acquisitions. “The Panama City Surgery Center is a market-leader and robust ASC comprised of a multitude of surgical specialists. In fact, we are currently in discussions with the physician leadership on how best to expand the ASC to meet the growing demand for outpatient surgical procedures. We’re excited to grow our portfolio in Florida with this strong asset.”

Christopher Stai of Healthcare Real Estate Advisors represented the seller in this transaction.  Flagship Healthcare Properties, which serves as the external manager for the REIT, will provide asset management services for the property.