Property is home to several premier medical practices
CHARLOTTE, N.C. — Flagship Healthcare Properties (Flagship), an outpatient healthcare real estate firm, has acquired a Class A, medical office building (MOB) in Chapel Hill, North Carolina.
The 20,878-square-foot property is located at 205 Sage Road and was originally built in 2003. The building is anchored by Chapel Hill Pediatrics, Chapel Hill Pediatric Psychology and Chapel Hill Pediatric Dentistry.
The building is located near the combined 1,048-bed Duke University Hospital and Duke Regional Hospital and 900-bed UNC Medical Center, comprised of N.C. Memorial Hospital, N.C. Children’s Hospital, N.C. Neurosciences Hospital and N.C. Women’s Hospital. The hospitals are ranked as the top two in North Carolina, according to U.S. News & World Report.
Chapel Hill is known for the University of North Carolina, the nation’s first state university and an institution that is continually recognized for having one of the best undergraduate programs in the United States. The town is a part of the Triangle’s metropolitan statistical area (MSA) and contains a diverse and highly educated workforce, world-renowned research universities, esteemed technology and healthcare employers. The MSA was recently named as the 3rd Best Place to Live in the United States by U.S. News & World Report.
“Flagship remains committed to making key, strategic acquisitions in select markets within our REIT geography and this asset reflects that philosophy,” said Flagship’s Executive Vice President of Acquisitions Gerald Quattlebaum. “Purpose-built by the existing tenants, we are privileged to have been selected by the physician ownership group as their real estate partner moving forward.”
The property was acquired through Flagship’s private real estate investment trust, Flagship Healthcare Trust (Flagship REIT). Flagship will also provide property management and asset management services for the MOB. Financing was provided by Fifth Third Bank.
About Flagship Healthcare Properties
Flagship Healthcare Properties, LLC (Flagship) is a fully-integrated outpatient healthcare real estate firm serving clients predominantly throughout the Southeastern and Southern Mid-Atlantic United States. Headquartered in Charlotte, North Carolina, Flagship offers a full range of real estate services including acquisitions, development, leasing and brokerage, as well as facilities, property and asset management. Flagship manages over 6.3 million square feet of healthcare real estate in over 304 properties serving more than 607 tenants. 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 more than 100 properties comprising 2.64 million square feet of space and valued at nearly $1 billion. For further information, visit www.FlagshipREIT.com.
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