Transaction marks highest-value single-asset acquisition in Flagship Healthcare Trust’s history
CHARLOTTE, N.C. — 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) and ambulatory surgery center (ASC) anchored by Graystone Eye in Hickory, North Carolina. The transaction represents the largest single-asset acquisition by purchase price in the history of Flagship Healthcare Trust, the company’s private REIT.
Strategically located at 2424 Century Place SE in Hickory’s primary outpatient medical corridor, the 92,516-square-foot facility was built in 2008 and expanded in 2019. The expansion added administrative offices, exam and procedure rooms, an aesthetic clinic, and improvements to the surgery center, including additional operating capacity and expanded patient areas.
Founded in 1969, Graystone Eye is a physician-led ophthalmology practice serving Western North Carolina from five locations. Its team includes more than 350 employees, 14 board-certified ophthalmologists and five optometrists, including eight fellowship-trained specialists. The facility’s surgery center operates under a North Carolina Certificate of Need and includes four AAAHC-accredited operating rooms.
“We are pleased to acquire this high-quality medical office building and ambulatory surgery center in partnership with Graystone Eye, a respected physician-led practice with a long-standing commitment to serving patients across Western North Carolina,” said Blake Bratcher, Partner and Executive Vice President of Acquisitions at Flagship Healthcare Properties. “This acquisition expands Flagship’s growing presence in the region and strengthens our portfolio with a strategically located, fully leased asset that supports the delivery of outpatient care. We look forward to supporting Graystone Eye’s continued success and contributing to the growth of the region’s healthcare infrastructure.
“Flagship made the sale of our Hickory medical office and surgery center building smooth and collaborative. We chose them for their healthcare real estate expertise and their commitment to partnering with Graystone Eye as we grow and continue serving patients across Western North Carolina,” said Andrew Tate, CEO of Graystone Eye. “Graystone Eye remains an independent, physician-owned practice. Hickory is home, and we look forward to continuing to serve patients from our main campus here along with our six other locations.”
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.
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 8.98 million square feet of healthcare real estate in more than 440 properties serving more than 810 tenants. Flagship serves as the manager of its private REIT, Flagship Healthcare Trust, Inc. For more 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 with a strategic focus in the Southeast and Mid-Atlantic. Flagship REIT holds interest in 114 properties comprising 3.0 million square feet of space and valued at more than $1.1 billion. For more information, visit www.FlagshipHP.com/REIT.
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