FLAGSHIP HEALTHCARE PROPERTIES EXPANDS NORTH CAROLINA PRESENCE WITH RECENT ACQUISITIONS

Healthcare real estate firm acquires medical office buildings in Hickory, North Carolina

Charlotte, N.C. (June 15, 2020) — Flagship Healthcare Properties (Flagship), an outpatient healthcare real estate firm, expands its North Carolina footprint with the acquisition of three outpatient medical office buildings (MOB) in Hickory, N.C. totaling 88,000 square feet.

The MOBs have an overall occupancy of 96% and include major tenants such as the Veteran’s Administration Hickory Outpatient Clinic (25,920 square feet) which focuses on the primary care, general mental health, audiology and optometry services for United States veterans in the region; and A Woman’s View (20,470 square foot) that provides obstetrics and gynecology, primary care, imaging and laboratory services. Included in the portfolio are practices associated with Frye Regional Medical Center, owned by Duke LifePoint Healthcare, (19,923 square feet) providing behavioral health, internal medicine, primary care and pulmonary services.

“We are very pleased to be able to grow our presence in Hickory and continue to add scale in our home market of the Charlotte region,” said Gerald Quattlebaum, executive vice president of acquisitions at Flagship. “Hickory has a strong healthcare market that serves a sizable population in the northwest area of North Carolina. These medical office properties are ideally situated in close proximity to important hospital services and surrounding patient populations.”

Flagship acquired the MOBs through its private real estate investment trust, Flagship Healthcare Trust, Inc. (Flagship REIT). As the new owner of the buildings, Flagship will provide property management and asset management services.

Financing was provided by First Horizon Bank.

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