Virginia Physiciansfor Women
Virginia Physicians for Women
In 2020, Virginia Physicians for Women (VPFW) sought a well-capitalized, experienced healthcare real estate firm that could bring certainty to the closing of a sale/leaseback transaction of their ± 15,457 square foot, newly constructed medical office building (MOB) located at 1775 Lake Harley Drive in Prince George, Virginia, just south of downtown Richmond. Positioned within the Puddledock Medical Center in the fast-growing Richmond-Prince George MSA, the MOB is also near Fort Lee, the third largest training site for the U.S. Army.
VPFW is one of the largest independent OB/GYN practices in the Mid-Atlantic region with more than 30 providers and 175 employees. The proceeds from the sale were needed to fund their next development, a three-story 60,000 square foot medical building in nearby Chesterfield that will house an ambulatory surgery center, clinical space and the practice’s administrative headquarters.
Flagship Healthcare REIT’s strong capital resources, evidenced by closing with all cash, provided a high level of confidence among VPFW physicians that the transaction would close on their timetable. Upon completion of the new Chesterfield facility, Flagship and VPFW have agreed to negotiate a sale/leaseback structure, allowing the practice to keep capital available for its next growth initiative.
VPFW had previously experienced Flagship’s level of attention first hand as a third party manager at another property. This prior relationship assured them they would have a capable, experienced, attentive manager of the Prince George property long into the future.