Flagship Healthcare Properties Increases its Presence in Greater Richmond, Virginia Region with New Acquisition

Healthcare real estate firm acquires medical office building in Prince George, Virginia

CHARLOTTE, N.C. (April 17, 2020) — Flagship Healthcare Properties (Flagship), an outpatient healthcare real estate firm, expands its Virginia footprint with the acquisition of a 15,457-square-foot, newly-constructed medical office building (MOB). The MOB is 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.

The MOB is fully leased by Virginia Physicians for Women (VPFW), one of the largest independent OB-GYN practices in the Mid-Atlantic region with over 175 employees and more than 30 providers. VPFW’s core services include adolescent gynecology, birth control, bone density scans, gynecologic problem care, lab services, mammography, menopause management, obstetric care, STD care, ultrasound, urogynecology, weight management and annual exams.

“We are delighted to expand our presence in the Greater Richmond area and partner with the incredible team at Virginia Physicians for Women (VPFW),” said Gerald Quattlebaum, senior vice president of acquisitions at Flagship. “We have tremendous respect for VPFW as market leaders in women’s healthcare and appreciate the trust and confidence they have placed in us in supporting their continued growth.”

Flagship acquired the property through its private real estate investment trust, Flagship Healthcare Trust, Inc. As the new owner of the building, Flagship will provide asset management services.

The transaction was brokered by Chris Rice, executive vice president of NAI Dominion and financing was provided by the Charlotte office of TowneBank.