Flagship Obtains Blue Ridge Surgery Center

By Eric Althoff

RALEIGH, N.C.—Charlotte-based healthcare real estate firm Flagship Healthcare Properties has expanded its footprint in North Carolina’s capital of Raleigh thanks to its purchase of the 20,962-square-foot ambulatory facility known as the Blue Ridge Surgery Center.

The medical facility was initially built in 1994 on two acres of property located at 2308 Wesvill Court on the Blue Ridge Medical Corridor in West Raleigh, which gives it proximity to the nearby 559-bed UNC Rex Hospital. Walkable amenities for staff and patients include The Marketplace of Lake Boone and Lake Boone Shopping Center.

The Blue Ridge Surgery Center’s multidisciplinary medical services include anesthesiology, breast surgery, colorectal surgery, ENT, otolaryngology, gynecology, orthopedic surgery, pain management, plastic surgery, podiatry, spinal surgery and urology.

As the new owner, Flagship will also be providing asset management services for the West Raleigh facility.

“We are proud to be partners with some of the finest surgeons in the market along with Surgical Care Affiliates (SCA), who is one of the nation’s leading operators of ambulatory surgery centers in the country,” Gerald Quattlebaum, senior vice president of acquisitions for Flagship, said in a statement about the company’s purchase. “This also represents a rare opportunity in which we were able to acquire this state-of-the-art surgical facility which sits adjacent to a medical office building we already own and manage.”

Flagship’s private real estate investment trust, Flagship Healthcare Trust, Inc. (Flagship REIT) acted as the purchaser of the Blue Ridge Medical Corridor, with Jed Byrne of Capital Associates representing the seller.

Flagship REIT’s portfolio also entails $400 million worth of other healthcare properties around the country, encompassing 1.4 million square feet of medical office space and nearly 200 tenants.

Flagship Healthcare Properties offers real estate investment, development, capital solutions, asset management and leasing services throughout the Southeast and Mid-Atlantic regions. The firm currently manages over 4 million square feet of healthcare space, and has also developed or bought 80 properties with a collective value of nearly $700 million.

 

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