NEWS RELEASE
FOR IMMEDIATE RELEASE
Commercial healthcare real estate firm adds Chenal Medical Pavilion to its portfolio as second acquisition in Little Rock this year
CHARLOTTE, N.C. (December 30, 2019) — Flagship Healthcare Properties (Flagship) announces its acquisition of Chenal Medical Pavilion, a 42,636-square-foot medical office building (MOB) in Little Rock, Arkansas. The building is located at 16115 St. Vincent Way, in the growing West Little Rock area, approximately twenty minutes from downtown. Built in 2014, the building is well-positioned adjacent to CHI St. Vincent – West Pavilion One and the Promenade at Chenal, an upscale mixed-use development.
The MOB is occupied by leading healthcare tenants including CHI St. Vincent Imaging, CHI St. Vincent Breast Center, Pinnacle Dermatology, Arkansas Pediatric Clinic, Cornerstone Pharmacy and Edwards Family Dentistry.
“We are excited to expand our presence in the flourishing West Little Rock submarket, which is enjoying strong growth,” said Gerald Quattlebaum, senior vice president of acquisitions at Flagship. “This asset is perfectly positioned to fill the needs and growing demand for medical services in the area.”
The largest tenant, CHI St. Vincent, is part of Catholic Health Initiatives (CHI). CHI St. Vincent has served Arkansas since 1888, and its network includes primary care, specialty clinics, urgent care, hospitals, home health, rehabilitation and surgery centers. CHI St. Vincent Imaging offers detailed, high-quality images to diagnose and determine treatment for virtually every part of the human anatomy including cardiac, gastrointestinal, vascular, soft tissue and bone. The CHI St. Vincent Breast Center is operated by Radiology Associates, PA, in partnership with the network, and offers the best diagnostic imaging tools available, including 3D Mammography (tomosynthesis) to better visualize breast tissue, digital screening mammography, dedicated breast ultrasound, breast MRI and computer-aided detection.
Flagship Healthcare Trust (Flagship REIT), Flagship’s private healthcare real estate investment trust, purchased the MOB. The transaction was brokered by JLL and was led by Brian Bacharach, managing director for healthcare in the Capital Markets Group. Flagship will provide property management, asset management and lease administration services.
Financing for the transaction was provided by First Horizon Bank.
For more information about Flagship Healthcare Properties, visit www.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 4.2 million square feet of healthcare real estate across more than 155 properties serving in excess of 465 tenants. The firm has developed or acquired over 80 properties valued at more than $675 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
Flagship Healthcare Trust, Inc. (Flagship REIT), is a private real estate investment trust that owns clinical healthcare assets in the United States. Flagship REIT holds interest in 50 healthcare properties valued at over $400 million. Flagship REIT’s current portfolio includes more than 1.4 million square feet of medical office space and approximately 185 tenants. For further information, visit www.FlagshipHP.com.
Media Contact:
Julie Parrotta, Public Relations Manager
SPARK Strategic Ideas
Jparrotta@sparksi.com and 704.625.2194
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