FOR IMMEDIATE RELEASE
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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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
SPARK Strategic Ideas
Jparrotta@sparksi.com and 704.625.2194
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