CHARLOTTE, N.C. (December 22, 2021) — Flagship Healthcare Trust, a Charlotte-based outpatient healthcare real estate investment trust (REIT), has acquired two Class A, 100% leased medical office buildings (MOB) in Easton, MD.
The recently expanded 34,617 square-foot, 510 Idlewild Avenue location is fully leased to the University of Maryland Shore Regional Health, Inc., a premier health care services provider in the area. The single-tenant MOB is home to The Orthopedic Center (TOC) which is the market-dominant orthopedic practice on the Eastern Shore. This location serves as the headquarters for TOC and contains their clinical practice which includes diagnostic imaging, physical therapy as well as an on-site ambulatory surgery center. The 522 Idlewild Avenue property is 9,085 square-feet and is fully leased to the University of Maryland Community Medical Group, Inc., and accommodates the University of Maryland Shore Medical Group – Women’s Health practice. Both properties are under long-term leases.
Both locations are less than a mile from the 135-bed full-service University of Maryland Shore Medical Center at Easton (UMMS Easton). UMMS Easton services include emergency services, cardiovascular and pulmonary rehabilitation, imaging, oncology and more. Over two-dozen specialty medical practices are also located close by.
“At the epicenter of Easton’s large and diversified medical district, both of these properties represent a great opportunity to work with the region’s top medical providers,” said Gerald Quattlebaum, Flagship’s Executive Vice President of Acquisitions. “This has been a long time coming as we have been working closely with the current ownership for some time while the properties underwent a physical expansion. We are committed to supporting our tenants as they continue to meet the challenge of their growing patient population.”
The team at Fifth Third Bank, led by Michael Perillo, provided financing for the acquisition. Doug James with Strategic Commercial represented the sellers.