Granite Falls, North Carolina 25,000 SF
SUMMARY
Since 2013 beginning with the Laurel Park Medical Office Building, Flagship Healthcare Properties has engaged with Caldwell UNC Health Care as a strategic real estate advisor and development partner, and has become a key partner in assisting the Hospital with evaluating and executing on various growth opportunities. In 2014 FHP entered into a development agreement with Caldwell UNC for the phased development of a new satellite campus in Granite Falls, NC. The 6+ acre property will ultimately include roughly 60,000 SF of medical office space anchored by a 20,000 SF surgery center. The first phase, a 25,000 SF medical office building will be anchored by Caldwell UNC Health Care and come online in 2nd quarter of 2017.
CHALLENGES
- Identify a site in southern Caldwell County ideal for the new satellite campus to include outpatient offices and an ambulatory surgery center.
- FHP provides capital funding, allowing the hospital to preserve capital and avoid real estate ownership at their preference. Here, FHP was able to structure a multi-parcel ground lease arrangement that allows the hospital to keep long term control of the strategic location while FHP develops, owns and manages new Caldwell UNC Health Care leased buildings.
- Provide real estate advisory and support services throughout the hospital’s Certificate of Need process to relocate two operating rooms and one procedure room.
- Manage various land entitlement processes including negotiating a declarations agreement with adjacent owners, municipal presentations and conditional site plan approvals.
SOLUTIONS
- Flagship Healthcare Properties has successfully assisted Caldwell UNC Health Care with their strategic initiative to enhance market share while contributing to the quality of care in the community.
- Flagship Healthcare Properties has worked on behalf of Caldwell UNC Health Care to identify, contract and purchase land for the Hospital to expand into two new territories within their market.
- FHP has laid the framework, created a financial plan, and acquired the entitlements for Caldwell UNC to grow their new satellite campus over the next several years.