The medical office building at 7521 Right Flank Road in Mechanicsville, which was recently acquired by Charlotte-based Flagship Healthcare Properties. (Courtesy Flagship Healthcare Properties)
Fresh off its purchase of a medical office building in Hanover County, an out-of-town REIT is eyeing a new-construction project that would rise less than a mile away.
Flagship Healthcare Properties, a Charlotte-based real estate firm that focuses on properties with medical tenants, recently bought the 15,000-square-foot building at 7521 Right Flank Road for $5.4 million, according to county records.
Built in 2014, the building is fully leased by Richmond Pediatric Associates and Richmond Pediatric Dentistry & Orthodontics. An LLC tied to the two practices was the seller in the deal with Flagship, which closed in early December. The property was most recently assessed at $4.2 million.
Flagship is a relative newcomer to the greater Richmond market, having recently acquired medical offices in Henrico and Prince George counties in the last several years. The Mechanicsville office deal is its first in Hanover and is a bid by the company to get a bigger piece of the action in the region’s suburbs.
“This acquisition is a result of targeting quality outpatient healthcare assets in key markets within our REIT geography where we can add scale and density,” Executive Vice President of Acquisitions Gerald Quattlebaum said in a prepared statement. “The continued growth of the northern suburbs of Richmond make it an attractive area for new residents as well as healthcare providers, and an area that we would like to expand our presence.”
The property was acquired though Flagship Healthcare Trust, which is managed and owned by Flagship.
With the acquisition finalized, Flagship is already eyeing its next project up the road.
Flagship Healthcare Properties is planning to buy a site on Bell Creek Road (shown in red) to build a new medical office building. The site is less than a mile north from an office building the company recently acquired.
Flagship is under contract to purchase a 7.5-acre assemblage of two undeveloped parcels at the corner of Bell Creek Road and Autumn Park Way, with plans to build a two-story, 38,000-square-foot medical office building.
A company spokeswoman said in an email earlier this month that there wasn’t a timeline yet on when the deal for the property would close. A leasing flyer for the future medical office says the project is expected to be completed in July 2025.
The spokeswoman said that as of mid-January Flagship owned more than 100 properties in 11 states through its REIT, and manages more than 300 properties in 19 states.
The Mechanicsville acquisition is Flagship’s third in the greater Richmond area. In 2022, it paid $15 million for the Blair Building, a medical office in the Forest Office Park near Henrico Doctors’ Hospital. Flagship also owns the Virginia Physicians For Women office at 1775 Lake Harley Drive in Prince George County, which the company acquired in 2020.
The medical office building at 7521 Right Flank Road in Mechanicsville, which was recently acquired by Charlotte-based Flagship Healthcare Properties. (Courtesy Flagship Healthcare Properties)
Fresh off its purchase of a medical office building in Hanover County, an out-of-town REIT is eyeing a new-construction project that would rise less than a mile away.
Flagship Healthcare Properties, a Charlotte-based real estate firm that focuses on properties with medical tenants, recently bought the 15,000-square-foot building at 7521 Right Flank Road for $5.4 million, according to county records.
Built in 2014, the building is fully leased by Richmond Pediatric Associates and Richmond Pediatric Dentistry & Orthodontics. An LLC tied to the two practices was the seller in the deal with Flagship, which closed in early December. The property was most recently assessed at $4.2 million.
Flagship is a relative newcomer to the greater Richmond market, having recently acquired medical offices in Henrico and Prince George counties in the last several years. The Mechanicsville office deal is its first in Hanover and is a bid by the company to get a bigger piece of the action in the region’s suburbs.
“This acquisition is a result of targeting quality outpatient healthcare assets in key markets within our REIT geography where we can add scale and density,” Executive Vice President of Acquisitions Gerald Quattlebaum said in a prepared statement. “The continued growth of the northern suburbs of Richmond make it an attractive area for new residents as well as healthcare providers, and an area that we would like to expand our presence.”
The property was acquired though Flagship Healthcare Trust, which is managed and owned by Flagship.
With the acquisition finalized, Flagship is already eyeing its next project up the road.
Flagship Healthcare Properties is planning to buy a site on Bell Creek Road (shown in red) to build a new medical office building. The site is less than a mile north from an office building the company recently acquired.
Flagship is under contract to purchase a 7.5-acre assemblage of two undeveloped parcels at the corner of Bell Creek Road and Autumn Park Way, with plans to build a two-story, 38,000-square-foot medical office building.
A company spokeswoman said in an email earlier this month that there wasn’t a timeline yet on when the deal for the property would close. A leasing flyer for the future medical office says the project is expected to be completed in July 2025.
The spokeswoman said that as of mid-January Flagship owned more than 100 properties in 11 states through its REIT, and manages more than 300 properties in 19 states.
The Mechanicsville acquisition is Flagship’s third in the greater Richmond area. In 2022, it paid $15 million for the Blair Building, a medical office in the Forest Office Park near Henrico Doctors’ Hospital. Flagship also owns the Virginia Physicians For Women office at 1775 Lake Harley Drive in Prince George County, which the company acquired in 2020.