Flagship Continues to Expand Charlotte Presence

By Eric Althoff

HICKORY, N.C.—Medical real estate firm Flagship Healthcare Properties has further expanded its portfolio in the greater Charlotte area with the purchase of the 55,912-square-foot Tate Medical Commons IV medical office building, located in the town of Hickory, about 50 miles from downtown Charlotte.

The MOB, constructed in 2004, has as its main tenant Catawba Valley Medical Center (CVMC), the largest nonprofit community hospital in the Charlotte area. The CVMC’s healthcare facilities include a full suite of diagnostic imaging services, hyperbaric chamber, as well as a lab for the study of sleep disorders. Furthemore, the facility also hosts the Catawba Women’s Center, which offers the full spectrum of OB-GYN services. The center has operated in western North Carolina in some fashion since 1972.

In a recent statement about the purchase, Gerald Quattlebaum, executive vice president of acquisitions at Flagship, said that Tate IV MOB is the fifth such addition to his firm’s portfolio in seven months.

“Hickory sits in a strategic position serving the healthcare needs of this region, and there is a lot to like about this healthcare community, both from a provider, patient population and demographic standpoint,” Quattlebaum said.

Flagship purchased the Hickory site via its investment division, which is called Flagship Healthcare Trust, Inc. As the new owner, Flagship will be providing asset management and property management.

The deal was financed by First Horizon Bank.

“This facility is a critical healthcare destination for patients seeking hospital outpatient services as well as a synergistic blend of physician specialties,” Quattlebaum said.