FOR IMMEDIATE RELEASE
Flagship Healthcare Trust Acquires Little Rock Medical Office Building
Healthcare real estate firm expands its property portfolio to Arkansas
CHARLOTTE, N.C. (July 1, 2019) – Flagship Healthcare Trust (Flagship REIT), a private healthcare real estate investment trust managed by Flagship Healthcare Properties (Flagship), has announced its acquisition of the Little Rock Diagnostic Clinic (LRDC) medical office building, home of the largest multi-specialty practice in Central Arkansas. The 96,692-square-foot medical office building (MOB) is 100% leased to CHI St. Vincent Medical Group and guaranteed by St. Vincent Health System, which is owned by Catholic Health Initiatives (CHI), the third largest nonprofit health system in the nation.
“We are honored to have been chosen by the physician partners of Little Rock Diagnostic Clinic for our first acquisition in the Little Rock market,” said Gerald Quattlebaum, senior vice president of acquisitions at Flagship. “It was a pleasure working with the leadership at LRDC and the entire Flagship team looks forward to supporting their continued growth and success as their real estate partners.”
Little Rock Diagnostic Clinic was formed nearly 60 years ago and has grown to be the largest multi-specialty practice in Central Arkansas. In September 2018, the physicians, providers and coworkers of LRDC joined CHI St. Vincent Medical Group, a network of primary care and specialty clinics spanning much of Central and Southwest Arkansas.
“After extensive diligence and deliberation, LRDC Real Estate LLC has decided to partner with Flagship Healthcare Properties. The physician partners of LRDC Real Estate LLC have the utmost confidence in the management team of Flagship Healthcare,“ said Dr. Nutan Bhaskar, M.D., vice president of LRDC Real Estate.
Little Rock Diagnostic Clinic employs over 30 physicians in the fields of Internal Medicine, Endocrinology, Neurology, Gastroenterology, Podiatry, Pulmonology, OB/Gyn and Rheumatology. LDRC’s specialists draw patients from throughout Arkansas as well as Alabama, Louisiana, Mississippi and Oklahoma.
Located on the campus of Baptist Medical Center, the property is strategically located in the highly desirable West Little Rock market at the juncture of I-630 and I-430. In addition to clinical office space for the practicing physicians, the MOB is also home to an ambulatory surgery center (ASC), a comprehensive diagnostic imaging suite containing two MRI’s, CT, Ultrasound, X-ray and bone densitometry machines and a COLA® Laboratory of Excellence accredited lab providing over one million tests per year, as well as an infusion therapy center.
Flagship Healthcare Properties acquired the property from the physician partners of LRDC on behalf of Flagship REIT. Brock Martin with Orion Capital Partners represented Flagship and Todd Rice, CCIM of Colliers International represented the seller.
For more information about Flagship Healthcare Properties, visit https://flagshiphp.com/.
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About Flagship Healthcare Properties
Flagship Healthcare Properties, LLC (Flagship) is a fully integrated commercial healthcare real estate firm serving clients throughout the Mid-Atlantic and Southeast regions. Headquartered in Charlotte, North Carolina, Flagship offers a full range of real estate services including investment and capital solutions, development, property sales, leasing and marketing, as well as facilities, property and asset management. Flagship manages over 3.9 million square feet of healthcare real estate across over 150 properties serving more than 460 tenants. The firm has developed or acquired over 75 properties valued at more than $600 million. Flagship serves as the manager of its private REIT, Flagship Healthcare Trust, Inc. For further information, visit www.FlagshipHP.com.
About Flagship Healthcare Trust
In 2018, Flagship Healthcare Properties, LLC launched Flagship Healthcare Trust, Inc. (Flagship REIT), a private real estate investment trust that owns clinical healthcare assets in the United States. Flagship REIT holds interest in more than 40 healthcare properties valued at over $350 million. Flagship REIT’s current portfolio includes over 1.2 million square feet of medical office space and more than 180 tenants. For further information, visit www.FlagshipHP.com.
Julie Parrotta, Public Relations Manager
704.625.2194 and Jparrotta@sparksi.com
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