FLAGSHIP HEALTHCARE TRUST SELLS MEDICAL OFFICE BUILDING IN CARY, NC

CHARLOTTE, N.C. (October 27, 2021)Flagship Healthcare Trust, a Charlotte-based outpatient healthcare real estate investment trust (REIT), has sold a medical office building (MOB) in Cary, North Carolina. The sale price was not disclosed.

The property, Triangle Medical Center, is a Class A MOB located at 400 Ashville Ave. in close proximity to WakeMed Cary Hospital. The anchor tenant is the North Carolina Center for Reproductive Medicine.

“Flagship is constantly evaluating our portfolio to ensure we are best meeting the needs of our tenants and investors. Occasionally the best outcome involves a sale, and we are pleased Triangle Medical Center’s new owner is equally as committed to the healthcare sector as Flagship.” Ryan Dawson, Senior Vice President, Asset Management said. “Additionally, the sale provides an opportunity to redeploy capital into new acquisitions and development opportunities over the next few months.”

Flagship REIT originally purchased Triangle Medical Center in 2015. Flagship Healthcare Properties will continue to provide leasing, management and engineering services for the property for the new owner. The REIT maintains a strong presence in the Triangle region, with three properties in Raleigh and one each in Durham and Dunn in its portfolio.