FLAGSHIP HEALTHCARE TRUST ACQUIRES MEDICAL OFFICE BUILDING IN CENTRAL FLORIDA

CHARLOTTE, N.C. (March 17, 2021) – Flagship Healthcare Trust (Flagship REIT), an outpatient healthcare real estate investment trust, has acquired a Class A medical office building in the rapidly growing metro area of Lakeland-Winter Haven in Florida. This marks the third acquisition for Flagship in Florida in the last three months.

Located at 410 Lionel Way in Davenport, the 43,100-square-foot building is 69 percent leased by AdventHealth Medical Group, which operates 44 hospitals in ten states and is the largest not-for-profit Protestant healthcare system in the United States. The property is adjacent to the 202-bed AdventHealth Heart of Florida acute care hospital.

“In many respects, this acquisition shows our keen interest in the Central Florida region and its dynamic healthcare markets,” said Gerald Quattlebaum, Flagship’s Executive Vice President of Acquisitions. “The building is well located in fast-growing Davenport near US 27, a major corridor serving the state from Miami to Tallahassee. Both Orlando and Tampa are within an hour drive. It’s highly visible, easily accessible location in an area heavily populated by healthcare providers. And in AdventHealth, we have a major league tenant and neighbor.”

Flagship Healthcare Properties, which serves as the external manager for the REIT, will provide asset management and property management services for the property. Flagship utilized its syndicated credit facility, led by Fifth-Third Bank to acquire the asset.

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