Flagship Pays $51M for 92K-SF Hickory Medical Facility

Flagship Healthcare Properties spent $51 million a Class A, 100% leased medical outpatient building (MOB) and ambulatory surgery center (ASC) in Hickory, North Carolina. The transaction represents the largest single-asset acquisition by purchase price in the history of Flagship Healthcare Trust, the company’s private REIT. The property is anchored by Graystone Eye. Hickory is about 60 miles NW of Charlotte.

Located at 2424 Century Place SE in Hickory’s primary outpatient medical corridor, the 92,516-square-foot facility was built in 2008 and expanded in 2019. The expansion added administrative offices, exam and procedure rooms, an aesthetic clinic, and improvements to the surgery center, including additional operating capacity and expanded patient areas.

Founded in 1969, Graystone Eye is a physician-led ophthalmology practice serving Western North Carolina from five locations. Its team includes more than 350 employees, 14 board-certified ophthalmologists, and 5 optometrists, including 8 fellowship-trained specialists. The facility’s surgery center includes four accredited operating rooms.

Flagship will provide property management and asset management services.