Flagship Healthcare Snags 56K-SF Medical Office Building in North Carolina

Flagship Healthcare Properties has acquired Tate Medical Commons IV, a 55,912-square-foot, medical office building in Hickory, N.C. The sales price was not disclosed.

Located at 1501 Tate Blvd. SE, the fully-occupied property was built in 2004 and is anchored by Catawba Valley Medical Center, which occupies 42% of the property. Flagship acquired the property through its private real estate investment trust, Flagship Healthcare Trust Inc. As the new owner of the building, Flagship will provide property management and asset management services.

“The Tate IV medical office building represents our fifth acquisition in the Hickory-Unifour MSA in the last seven months,” said Gerald Quattlebaum, executive vice president of acquisitions at Flagship. “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. This facility is a critical healthcare destination for patients seeking hospital outpatient services as well as a synergistic blend of physician specialties.”

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