NEWS RELEASE
FOR IMMEDIATE RELEASE
Healthcare real estate firm acquires medical office building in Hickory, North Carolina
Charlotte, N.C. (August 4, 2020) — Flagship Healthcare Properties (Flagship) once again expands its North Carolina footprint with the acquisition of Tate Medical Commons IV, a 55,912-square-foot medical office building (MOB), located at 1501 Tate Boulevard SE in Hickory, N.C.
The 100%-occupied MOB was built in 2004 and is anchored by Catawba Valley Medical Center (CVMC), part of Catawba Valley Health System which is the region’s largest not-for-profit community hospital. CVMC occupies a total of 42% of the building providing a full suite of diagnostic imaging services, wound care which includes hyperbaric treatment, and a sleep disorder study lab. In addition, Catawba Women’s Center occupies 34% of the building and provides a full range of OB-GYN services as the provider of choice in the Catawba Valley region of western North Carolina since 1972.
“The Tate IV medical office building represents our fifth acquisition in the Hickory-Unifour MSA in the last seven months,” said Gerald Quattlebaum, executive vice president of acquisitions at Flagship. “Hickory sits in a strategic position serving the healthcare needs of this region and there is a lot to like about this healthcare community, both from a provider, patient population and demographic standpoint. This facility is a critical healthcare destination for patients seeking hospital outpatient services as well as a synergistic blend of physician specialties.”
Flagship acquired the MOB through its private real estate investment trust, Flagship Healthcare Trust, Inc. (Flagship REIT). As the new owner of the building, Flagship will provide property management and asset management services.
Financing was provided by First Horizon Bank.
For more information about Flagship Healthcare Properties, visit www.FlagshipHP.com.
For more information about Flagship Healthcare Trust, Inc., visit www.FlagshipREIT.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 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 60 healthcare properties valued at over $450 million. Flagship REIT’s current portfolio includes nearly 1.6 million square feet of medical office space and more than 190 tenants. For more information, visit www.FlagshipREIT.com.
Media Contact:
Julie Parrotta, Public Relations Manager
SPARK Strategic Ideas
Jparrotta@sparksi.com and 704.625.2194
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