REIT Acquires North Hills Property, Home to Prominent Medical Clinic
CHARLOTTE, N.C. (May 3, 2021) – Flagship Healthcare Trust (Flagship REIT), a Charlotte-based outpatient healthcare real estate investment trust, has acquired North Hills Medical Office Building (MOB) in Raleigh, the REIT’s 8th property in the Raleigh-Durham area.
Located at 3900 Browning Place, the 20,877 square foot, Class A MOB is ideally situated inside the I-440 beltline in the heart of the North Hills district, one of the fastest growing and most desirable areas in Raleigh. The fully-leased MOB is anchored by UNC Physicians Network and is the headquarters of Boylan Healthcare (Boylan), one of the area’s premier multi-specialty physician practices. Boylan has been caring for the North Hills community for more than 50 years and is part of the UNC Physicians Network, which serves 15 counties across North Carolina. There are three major hospitals that serve the region within a 5-mile radius of the property including: Duke Raleigh Hospital, UNC Rex Hospital, and WakeMed Raleigh Campus.
“Wake County is one of the nation’s fastest growing regions and we’re pleased to be able to expand our presence in this market through providers and health systems with deep roots in the community,” said Gerald Quattlebaum, Flagship’s executive vice president of acquisitions. “We look forward to partnering with UNC Health and Boylan Healthcare as they continue to expand at this location to meet the growing needs of their patient population”.
Flagship Healthcare Properties, which serves as the external manager for the REIT, will provide property and asset management services for the property. In February, the firm opened an office in Cary, NC that offers leasing, brokerage and property management services.
First Horizon Bank, led by Paul Shipley, provided financing to acquire the North Hills MOB. Sam DiFranco, Sam DiFranco, Jr., and Dylan Heafner of Trinity Partners represented the seller.