Property is home to Richmond Pediatric Associates and Richmond Pediatric Dentistry & Orthodontics
CHARLOTTE, N.C. (November 21, 2023) — Flagship Healthcare Properties (Flagship), an outpatient healthcare real estate firm, has acquired a Class A medical office building (MOB) in Mechanicsville, Virginia.
Located at 7521 Right Flank Road, the 15,000-square-foot property was purpose-built in 2014 by the seller practices. The building is 100% leased to Richmond Pediatric Associates, one of the largest and most well-respected pediatric practices in the region, and Richmond Pediatric Dentistry & Orthodontics, Richmond’s oldest pediatric dentistry and orthodontic practice. The MOB is ideally situated near Bon Secours Mercy Health’s 225-bed Memorial Regional Medical Center and is a part of a burgeoning medical corridor.
Mechanicsville is a suburb of Richmond, Virginia’s state capital. The region has more than 20 higher education institutions such as Virginia Commonwealth University, Virginia State University and the University of Richmond. The greater Richmond area is home to several Fortune 500 companies and has a diverse economy providing businesses in the area a highly skilled workforce. Due to its diverse economy and workforce, Virginia has been named a top state for business five times by CNBC.
“This acquisition is a result of targeting quality outpatient healthcare assets in key markets within our REIT geography where we can add scale and density,” said Flagship’s Executive Vice President of Acquisitions Gerald Quattlebaum. “The continued growth of the northern suburbs of Richmond make it an attractive area for new residents as well as healthcare providers, and an area that we would like to expand our presence.”
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. The transaction was brokered by Malcolm Randolph and John Carpin of Colliers International.
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 6.5 million square feet of healthcare real estate in over 318 properties serving more than 620 tenants. Flagship serves as the manager of its private REIT, Flagship Healthcare Trust, Inc. For further information, visitwww.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 105 properties comprising 2.71 million square feet of space and valued at over $1 billion. For further information, visit www.FlagshipREIT.com.
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