CONCORD, NC – December 17, 2018 – Flagship Healthcare Properties (“Flagship”) announced today on behalf of its private REIT, Flagship Healthcare Trust, Inc. (”Flagship REIT”), that the REIT has acquired a Class A medical office building (“MOB”) in Concord, North Carolina.
Located at 66 Concord Lake Road, directly across from Carolinas Healthcare System NorthEast, the MOB has been fully occupied by Cabarrus Pediatrics since the building’s completion in 1997. Cabarrus Pediatrics, an affiliate of Atrium Health, will remain as the tenant.
“We are pleased to acquire this medical office building, leased by and adjacent to the dominant hospital provider in the market, Atrium Health,” said Gerald Quattlebaum, Senior Vice President of Acquisitions with Flagship Healthcare Properties. “This property also has the benefit of being located in Flagship’s own backyard in the Charlotte metropolitan area and is an excellent addition to our growing portfolio of Atrium Health occupied properties.”
Flagship will provide asset management and property management services for the building.
This new acquisition expands Flagship’s healthcare real estate portfolio of managed properties to more than 3.5 million square feet.
The seller was represented by Criterion Healthcare, LLC. Flagship was self-represented.