CHARLOTTE, N.C. (January 12, 2021) — Flagship Healthcare Trust, a Charlotte-based outpatient healthcare real estate investment trust (REIT), has acquired a new Class A medical office building (MOB) in Watkinsville, GA.
The 37,022-square-foot newly constructed property is home to several specialty practices and is a short drive to both major hospitals serving the Athens region: the 359-bed Piedmont Athens Regional Medical Center and the 251-bed St. Mary’s Hospital. Situated at the heart of Watkinsville’s burgeoning healthcare district, the MOB is directly across the street from Piedmont Health’s Oconee Health Campus with direct access to the Oconee Connector and Athens Perimeter.
Watkinsville is a growing and affluent suburb of Athens, home to the University of Georgia and about an hour east of Atlanta. The city was recently ranked one of the 2020 Best Places to Live in America by Livability. Due to Athens’ attractiveness to many young professionals, Watkinsville has seen population and job growth numbers outpace state and national averages.
“Watkinsville is seeing a huge population spike as an Atlanta suburb. The area is also seeing rapid commercial and residential development, all of which is driving growth in the local healthcare sector,” said Flagship’s Executive Vice President of Acquisitions Gerald Quattlebaum. “As a newly completed project, we are very bullish on the strong upside potential of this value-add acquisition.”
The team at Fifth Third Bank, led by Michael Perillo, provided financing for the acquisition of this off-market transaction. Joel Harber with Reynolds Capital represented the seller and will continue providing leasing services for available space.