FLAGSHIP HEALTHCARE TRUST ACQUIRES DOMINANT EYE SURGERY CENTER IN KENTUCKY

CHARLOTTE, N.C. (March 19, 2021) – Flagship Healthcare Trust (Flagship REIT), an outpatient healthcare real estate investment trust, has acquired the Eye Surgery Center of Paducah (ESCP) in Paducah, Kentucky.

Located at 100 Medical Center Drive, the 6,300-square-foot, Class A ophthalmic surgery center is accredited by the Accreditation Association for Ambulatory Health Care (AAAHC). The ESCP is operated in partnership with Envision Healthcare, one of America’s largest healthcare organizations and manager of more than 260 ASC’s nationwide. It features two operating rooms, three pre-operative bays, three post-op bays, and Lasik and LensX equipment to provide comprehensive ophthalmic care.

The ESCP is located on the campus of the 379-bed Mercy-Lourdes Hospital, well-positioned in a highly visible, and easily accessible location off I-24, with frontage on Lone Oak Road. It is the dominant ophthalmic surgery center in Paducah and sees patients from the nearby Eye Institute, home to the same practicing surgeons.

“The Eye Surgery Center of Paducah offers the region’s most comprehensive eye surgery services in conjunction with the area’s most well respected and market-leading physician group,” said Gerald Quattlebaum, Flagship’s Executive Vice President of Acquisitions. “We’re excited to grow our portfolio with this strong asset.”

Flagship Healthcare Properties, which serves as the external manager for the REIT, will provide property and asset management services for the property. Flagship utilized its syndicated credit facility, led by Fifth-Third Bank to acquire the asset. Collin Hart of ERE Healthcare Real Estate Advisors represented the Seller in this transaction.

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