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Rivercrest Medical Park



Caldwell UNC Health Care


Granite Falls, North Carolina


± 24,000 SF


Asset Management


Property Management


Caldwell UNC Health Care engaged Flagship Healthcare Properties as a strategic real estate advisor and  development partner assisting with evaluating and executing on various growth initiatives. In 2014, Flagship entered  into a development agreement with Caldwell UNC for the phased development of a new satellite campus in Granite Falls.  The 6+ acre property will include roughly 60,000 SF of medical office space. The first phase, a 24,000 SF medical office  building was completed in July of 2017. The second phase, a 21,000 SF ambulatory surgery center, was completed in  2019. 

Collaborating with appraisers and outside legal counsel to evaluate deal points for fair market compliance under  Stark laws, Flagship assisted with the complex and time consuming land entitlement and Certificate of Need (CON)  processes. Flagship worked on behalf of Caldwell UNC to identify, contract and purchase land which assisted in expanding  them into two new territories within its market. Flagship structured a multi-parcel ground lease and building leases that  allowed the hospital to retain land ownership, preserve capital, expand its service offerings and retain various building  control provisions while Flagship funded, developed, owns and manages the new buildings.