CHATTANOOGA, Tenn. — Flagship Healthcare Properties (Flagship), an outpatient healthcare real estate firm, is pleased to announce the acquisition of a Class A, 100% leased medical outpatient building (MOB) in Chattanooga, Tennessee.
The 27,657-square-foot property, located at 929 Spring Creek Road near the I-24 and I-75 interchange, sits adjacent to the 128-bed HCA Parkridge East Hospital. Built in 1985, the building underwent an extensive interior and exterior renovation in 2024, accompanied by a rebranding to the East Ridge Physicians Building. The redesigned interior spaces were thoughtfully customized to meet the needs of established providers.
The Greater Chattanooga region, encompassing a 16-county area across three states, is a thriving hub for manufacturing, technology, and entrepreneurship. Known as the “manufacturing magnet of the South,” the region boasts world-class logistics infrastructure, the fastest internet speeds globally, a skilled workforce, and low-cost, reliable utilities.
Parkridge East Hospital has been a cornerstone of the Chattanooga community since its establishment in 1974. As part of the Parkridge Health System, the hospital offers a comprehensive range of medical and surgical services, including orthopedics and robotic surgery. Its 24/7 Emergency Department is recognized as an Accredited Chest Pain Center by the Society of Chest Pain Centers.
“As Chattanooga continues to dedicate growth in its healthcare sector, we’re elated to expand our presence in the market with this fully-renovated and rebranded asset,” said Flagship’s executive vice president, Gerald Quattlebaum. “The previous ownership group, which included the existing physician tenants, did a fantastic job in repositioning this fine asset.”
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.
ABOUT FLAGSHIP HEALTHCARE PROPERTIES
Flagship Healthcare Properties, LLC (Flagship) is a fully-integrated outpatient healthcare real estate firm serving clients throughout the 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 approximately 7.2 million square feet of healthcare real estate in more than 360 properties serving more than 620 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 throughout the United States. Flagship REIT holds interest in 109 properties comprising 3.0 million square feet of space and valued at more than $1 billion. For further information, visit www.FlagshipHP.com/REIT.
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