FLAGSHIP HEALTHCARE TRUST ACQUIRES MOB IN RICHMOND, VA

Flagship Healthcare Trust, a Charlotte-based outpatient healthcare real estate investment trust (REIT), has acquired the Blair Building, a Class A, fully leased medical office building (MOB) in fast-growing Richmond, VA.

The 35,000-square foot property is located at 8007 Discovery Drive in the northeast quadrant of the city, just off Interstate 64 along a burgeoning healthcare and commercial corridor. Nearby is the 340-bed Henrico Doctor’s Hospital, an affiliate of HCA Health Services of Virginia, as well as several specialty medical practices. The Blair Building is fully occupied on long-term leases by the prominent medical practices of Virginia Cancer Institute VCI) and Virginia Cardiovascular Specialist (VCS).

Virginia Cancer Institute was founded in 1981 and has become the largest and one of the premier medical oncology practices on the East Coast. VCI’s physicians helped define the standards for quality cancer practices in the United States after an invitation to partner with the American Society of Clinical Oncology. Virginia Cardiovascular Specialists, with 8 office locations throughout Richmond, is the largest private cardiology practice in the State of Virginia specializing in coronary artery disease, women’s heart disease, and peripheral vascular disease.

Richmond is home to a diverse and growing workforce drawn to the area’s rich cultural and recreational offerings, as well as job opportunities at Virginia Bio+Tech Park, a Federal Reserve Bank, several Fortune 1000 companies, state government and higher education institutions. The city has also recently attracted the relocation or expansion of companies such as; CoStar Group, Hourigan Development, along with being recognized as one of the Best Cities for Corporate Headquarters by Business Facilities and named Mid-Size City of the Future by fDi Intelligence.

“Richmond is emblematic of Virginia’s dynamic growth. The city’s strong economy, business-oriented approach, and robust industries made this property very attractive for our acquisition team,” said Gerald Quattlebaum, Flagship’s Executive Vice President of Acquisitions. “We are committed to providing our tenants with a best-in-class facility and looking forward to expanding our presence with additional opportunities in the greater Richmond region.”

Financing for the acquisition was provided by CIT Bank, a division of First-Citizens Bank & Trust Company.

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