Property is home to Northwest Florida Surgery Center
PANAMA CITY, Fla. — Flagship Healthcare Properties (Flagship), an outpatient healthcare real estate firm, is pleased to announce the acquisition of a Class A, 100% leased ambulatory surgery center (ASC) at 767 Airport Road in Panama City, Florida.
The purpose-built multispecialty outpatient surgery center was developed for Northwest Florida Surgery Center (NWFSC) and contains three operating rooms and two procedure rooms. NWFSC has treated patients at this location since 1995, and in May 2025 a strategic joint venture between Surgical Care Affiliates, Advent Health, and the physician partners was announced to solidify and carry forward their commitment to patient care in the area.
From 2021 to 2022, NWFSC was awarded the highest rating from U.S. News & World Report, placing the center in the top 10% of all ambulatory surgery centers (ASCs) in the United States for ophthalmology. In addition to ophthalmology, NWFSC provides a range of specialties including cardiology, orthopedics, otolaryngology, pain management, plastic surgery, and spine surgery.
The facility is located within a dense medical corridor and surrounded by complementary healthcare providers. Gulf Coast Hospital, a 430-bed acute care facility, is less than a mile away.
“We are thrilled to expand our presence in Panama City with the acquisition of this high-quality surgery center,” said Gerald Quattlebaum, Flagship’s Executive Vice President of Acquisitions. “This property strengthens our portfolio and aligns perfectly with the region’s strong growth and demand for outpatient surgical procedures.”
Bay County, home to about 500,000 residents within a 60-mile radius, has a dynamic labor force exceeding 250,000. The area benefits from a strong military presence, particularly through Tyndall Air Force Base, with nearly 500 service members transitioning to civilian life each year – many of whom remain in the area. Combined with graduates from local colleges and universities, this steady influx of skilled workers continues to strengthen the region’s healthcare workforce and broader economy. Also, within the past three years, the region has seen a staggering 8% population increase, with the 65-and-over category making up 18.4% of the total area population.
“We are excited about acquiring this high-quality, multispecialty surgery center in a growing market anchored by trusted providers and a national ASC operator, in partnership, as our long-term tenant,” said Blake Bratcher, Flagship’s Executive Vice President of Ambulatory Surgery Centers. “Ambulatory surgery centers are at the forefront of transformation in health care delivery, and we are continuing to capitalize on new opportunities in alignment with physicians and surgery center operators to help them maximize their real estate so they can carry out their mission more effectively.”
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 facility.
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 8.4 million square feet of healthcare real estate in more than 385 properties serving more than 770 tenants. Flagship serves as the manager of its private REIT, Flagship Healthcare Trust, Inc. For further information, visit www.FlagshipHP.com.
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