214 18th Street is a Class A single-story medical office building and ambulatory surgery center (ASC) less than one mile from Frye Hospital in Hickory, NC. The property was acquired as part of a ± 315,891 square foot portfolio of nine medical office buildings in December of 2019. Flagship subsequently expanded its existing relationship with the building’s anchor tenant, OrthoCarolina, to include asset management, property management oversight and leasing & brokerage services at this location to achieve the company’s healthcare real estate objectives. Frye Regional Medical Center leases the ASC portion of the property.

Several months following closing of the portfolio, Flagship further extended its real estate relationship with OrthoCarolina by selling them a portion of the property. Joint ownership of the property secured an aligned interest in the lease and ownership of the property while providing capital for reinvestment in OrthoCarolina’s space and achieving their goal of having ownership in their occupied and mission critical real estate.