FLAGSHIP HEALTHCARE PROPERTIES ACQUIRES MEDICAL OFFICE BUILDING ANCHORED BY PRISMA HEALTH IN COLUMBIA, SOUTH CAROLINA

CHARLOTTE, N.C. (November 4, 2019) – Flagship Healthcare Trust (Flagship REIT), a private healthcare real estate investment trust managed by Flagship Healthcare Properties (Flagship), has announced its acquisition of a 57,375-square-foot medical office building (MOB) in Columbia, South Carolina’s northeast submarket, one of the fastest growing and highly sought-after areas in the city.

The MOB is located off I-77 and Farrow Road at 101 Business Park Boulevard, less than one mile from Providence Health Northeast, a full-service hospital with 74 licensed beds. Prisma Health, the health system resulting from the combination of Palmetto Health and Greenville Health System, is the anchor tenant for the MOB. The system’s Orthopedic Center occupies the entirety of the second floor. The building also features physical rehabilitation and a full-service, walk-in urgent care clinic with on-site x-ray availability, fluoroscopy services, casting services, durable medical equipment fitting and treatment procedures for urgent orthopedic matters.

“We are very pleased to acquire this high-quality, Prisma Health-anchored medical office building here in our backyard. This acquisition represents a tremendous value, well below replacement cost, in a market that we desire to have a bigger presence in,” said Gerald Quattlebaum, senior vice president, acquisitions. “We look forward to working closely with Prisma Health as they continue to grow and expand within the community.”

As the new owner-operator of the building, Flagship will provide property and asset management services, as well as oversee accounting and lease administration.

Roger Winn from Trinity Partners represented the seller.

First National Bank (FNB) provided financing for the transaction.

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