May 29, 2014 Fredericksburg, VA – Flagship Healthcare Real Estate Fund and Drake Real Estate Partners have acquired The Professional Plaza at Lee’s Hill, a 71,000 square foot freestanding emergency department and medical office building located at 10401 Spotsylvania Avenue in Fredericksburg, Virginia.
This modern facility is the seventh acquisition for the Flagship Healthcare Real Estate Fund, the private equity real estate fund affiliated with Charlotte, North Carolina based Brackett Flagship Properties, LLC. It is a joint venture with New York based Drake Real Estate Partners.
Built in 2006, The Professional Plaza at Lee’s Hill boasts contemporary design with large glass windows and clean interior architecture. The class “A” medical office property holds a strong connection with the highly-accredited hospital system Mary Washington Healthcare through tenants such as the Mary Washington Emergency Department, Medical Imaging at Lee’s Hill, Rappahannock Wound Healing Center, and the Outreach Patient Lab. Other prominent tenants include Radiologic Associates of Fredericksburg and Virginia Interventional Vascular and Associates. The Professional Plaza benefits the growing Fredericksburg population and is a conveniently located near Highway 1 and Interstate 95.
Brackett Flagship Properties will act as the primary property and asset manager of the building with Cushman & Wakefield | Thalhimer running local operations and leasing.
“We are excited to join with Drake Real Estate Partners in purchasing The Professional Plaza at Lee’s Hill in the growing Fredericksburg market,” stated Charles Campbell, Managing Partner of Brackett Flagship Properties. “The opportunity to acquire a freestanding emergency department and imaging center combined with the upside of leasing the building to capacity is exactly the type of real estate investment we seek. We look forward to working with and serving the needs of Mary Washington Healthcare, Radiologic Associates of Fredericksburg and all of the providers in this first class facility.”
“We are looking forward to a long term partnership with Brackett Flagship and to increasing our exposure to medical office properties across the Southeast,” said David Cotterman, Managing Partner of Drake Real Estate Partners.
About the Flagship Healthcare Real Estate Fund
The Flagship Healthcare Real Estate Fund invests in high quality, income-producing healthcare real estate in the Southeastern United States.
About Brackett Flagship Properties, LLC
Brackett Flagship Properties, LLC is a full-service real estate company that owns or manages over 60 properties comprising over 1.6 million square feet of medical office and commercial property, positioning the firm as a leading owner and manager of medical office buildings throughout the Southeast. The company is headquartered in Charlotte, North Carolina.
About Drake Real Estate Partners
Drake Real Estate Partners is a real estate investment and asset management firm based in New York, New York. Drake seeks high quality, income-producing real estate assets at a significant discount to replacement cost, and drives value by focusing on repositioning, leasing, and operations.
About Cushman & Wakefield – Thalhimer
Cushman & Wakefield – Thalhimer is a commercial real estate manager of over 23 million square feet of properties throughout Virginia, North Carolina, and South Carolina as well as over 5,300 multifamily units.
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