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Carrabus Family Medicine





Charlotte Metropolitan Area, North Carolina


± 121,741 SF



Asset Management

Leasing & Brokerage

Property Management


In 2019, Flagship Healthcare Properties acquired a ± 121,741 square foot portfolio featuring six Class A medical office buildings (MOBs) anchored by Cabarrus Family Medicine, part of Atrium Health. Atrium Health is one of the leading healthcare organizations in the Southeast and one of the most comprehensive, not-for-profit systems in the country. Three of the MOBs are located in Concord, N.C., with the remaining three in Kannapolis, China Grove, and Locust.

The selling group consisted of more than 30 stakeholders with differing percentages of ownership across the portfolio and desiring varied mixes of cash, units in Flagship Healthcare Trust’s operating partnership, and for 1031 exchange purposes. Atrium Health occupied 75% of the portfolio, which had an overall occupancy of 91%. The majority of the leases had approximately three years in term remaining, and others were expiring during sale negotiations. The transaction timeline spanned 18 months during which time leases were expiring, interest rates were changing and the selling group had employee turnover that shifted the transaction from the original evaluation.

In concert with the sellers, Flagship immediately engaged Atrium Health and proposed rental savings in exchange for lease extensions with all of their tenants. Flagship worked with attorneys and accountants to formulate a closing structure identifying each individual owner and how they wanted to receive their sale proceeds. Flagship also worked closely with the sellers and debt partners to continually update financial models and rent rolls.