FLAGSHIP HEALTHCARE TRUST SELLS MEDICAL OFFICE BUILDING IN COVINGTON, LA

Sale occurs after leasing the property to stabilization, providing the opportunity to recycle capital

CHARLOTTE, N.C. (November 18, 2021)Flagship Healthcare Trust, a Charlotte-based outpatient healthcare real estate investment trust (REIT), has sold a medical office building (MOB) in Covington, Louisiana. The sale price was not disclosed.

The property, Covington Medical Arts Pavilion, is a three-story, Class A MOB located at 5025 Keystone Blvd, on the campus of Lakeview Regional Medical Center. The 55,000-square-foot property was originally built in 2014 and is now fully leased. Tenants include AMG Physical Rehabilitation Hospital, Children’s Hospital New Orleans and Lakeview Regional.

“With any holding, our REIT aims toward an outcome of mutual benefit to investors and tenants. In this case, that effort resulted in a sale to a like-minded owner with a healthcare focus similar to our own,” said Ryan Dawson, Senior Vice President, Asset Management. “Dispositions like this one are an important part of our investment process, allowing our shareholders to realize the value created through leasing up vacancy, and recycling that capital into new, accretive investments.”

Flagship REIT originally purchased Covington Medical Arts Pavilion in 2017. The REIT manager, Flagship Healthcare Properties, will continue to provide management and engineering services for the property.