Proceeds to be used for new acquisitions and future development
CHARLOTTE, N.C., Oct. 27, 2021 /PRNewswire/ -- Flagship Healthcare Trust, a Charlotte-based outpatient healthcare real estate investment trust (REIT), has sold a medical office building (MOB) in Cary, North Carolina. The sale price was not disclosed.
The property, Triangle Medical Center, is a Class A MOB located at 400 Ashville Ave. in close proximity to WakeMed Cary Hospital. The anchor tenant is the North Carolina Center for Reproductive Medicine.
"Flagship is constantly evaluating our portfolio to ensure we are best meeting the needs of our tenants and investors. Occasionally the best outcome involves a sale, and we are pleased Triangle Medical Center's new owner is equally as committed to the healthcare sector as Flagship," Ryan Dawson, Senior Vice President, Asset Management said. "Additionally, the sale provides an opportunity to redeploy capital into new acquisitions and development opportunities over the next few months."
Flagship REIT originally purchased Triangle Medical Center in 2015. Flagship Healthcare Properties will continue to provide leasing, management and engineering services for the property for the new owner. The REIT maintains a strong presence in the Triangle region, with three properties in Raleigh and one each in Durham and Dunn in its portfolio.
About Flagship Healthcare Properties
Flagship Healthcare Properties, LLC (Flagship) is a fully-integrated outpatient healthcare real estate firm serving clients throughout the Southeastern and Southern Mid-Atlantic United States. Headquartered in Charlotte, North Carolina, Flagship offers a full range of real estate services including investment and capital solutions, development, property sales, leasing and marketing, as well as facilities, property and asset management. Flagship manages over 5 million square feet of healthcare real estate across more than 200 properties serving more than 500 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 75 healthcare properties valued at over $650 million. Flagship REIT's current portfolio includes more than 1.9 million square feet of medical office space and more than 220 tenants. For further information, visit www.FlagshipREIT.com.
SOURCE Flagship Healthcare Properties, LLC