Outpatient healthcare real estate firm expands Florida presence
CHARLOTTE, N.C. (March 17, 2021) – Flagship Healthcare Trust (Flagship REIT), an outpatient healthcare real estate investment trust, has acquired a Class A medical office building in the rapidly growing metro area of Lakeland-Winter Haven in Florida. This marks the third acquisition for Flagship in Florida in the last three months.
Located at 410 Lionel Way in Davenport, the 43,100-square-foot building is 69 percent leased by AdventHealth Medical Group, which operates 44 hospitals in ten states and is the largest not-for-profit Protestant healthcare system in the United States. The property is adjacent to the 202-bed AdventHealth Heart of Florida acute care hospital.
“In many respects, this acquisition shows our keen interest in the Central Florida region and its dynamic healthcare markets,” said Gerald Quattlebaum, Flagship’s Executive Vice President of Acquisitions. “The building is well located in fast-growing Davenport near US 27, a major corridor serving the state from Miami to Tallahassee. Both Orlando and Tampa are within an hour drive. It’s highly visible, easily accessible location in an area heavily populated by healthcare providers. And in AdventHealth, we have a major league tenant and neighbor.”
Flagship Healthcare Properties, which serves as the external manager for the REIT, will provide asset management and property management services for the property. Flagship utilized its syndicated credit facility, led by Fifth-Third Bank to acquire the asset.
About Flagship Healthcare Properties
Flagship Healthcare Properties, LLC (Flagship) is a fully-integrated outpatient healthcare real estate firm serving clients throughout the Southeastern and Southern Mid-Atlantic United States. 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 4.8 million square feet of healthcare real estate across more than 199 properties serving in excess of 509 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 72 healthcare properties valued at over $580 million. Flagship REIT’s current portfolio includes more than 1.9 million square feet of medical office space and more than 220 tenants. For further information, visit www.FlagshipREIT.com.
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