By Eric Althoff
RALEIGH, N.C.—Charlotte-based Flagship Healthcare Trust, Inc., the private REIT of Flagship Healthcare Properties, has acquired a 14,456-square-foot medical office building in Knightdale, N.C., a suburb of the greater Raleigh-Durham area. Flagship has announced that the company will be providing property and asset management services on the site, in addition to lease administration and accounting services.
“We are very pleased to acquire this UNC Health Care anchored building and to continue our strong relationship with them,” said Gerald Quattlebaum, senior vice president of acquisitions at Flagship. “They have recently completed an expansion at this location to meet their growing needs in the Raleigh market, and we look forward to working closely with them going forward.”
A private REIT is a real estate fund or company that is exempt from registering with the SEC, according to REIT.com, and the shares of an REIT are not traded on a national stock exchanges and are thus sold almost exclusively to institutional investment firms.
Flagship Healthcare Properties is a commercial healthcare real estate firm with client properties throught the Southeast and Mid-Atlantic regions. In addition to management of healthcare properties, the company also works in capital solutions, development and property sales. Flagship currently manages nearly 4 million square feet of healthcare space at over 100 different properties. The firm’s REIT, Flagship Healthcare Trust, launched in 2018, holds interests valued at over $300 million in a portfolio encompassing 1.15 million square feet of space at over 40 properties.
The majority of the Knightdale building will be occupied by UNC Family Practice. Pivot Physical Therapy and Vardy Chiropractic are other tenants in the property as well. The common areas of the facility have undergone recent renovations alongside upgrades to the UNC offices.
Capital Bank financed the property transaction.