Virtus Real Estate Capital & Flagship Healthcare Real Estate Fund Acquire Medical Office Building in Greensboro, NC
May 31, 2013
Virtus Real Estate Capital and Flagship Healthcare Real Estate Fund have acquired Professional Medical Center (PMC), an 81,570-square-foot medical office building located at 1002 North Church Street in Greensboro, North Carolina.
This is the fourth project for Flagship Healthcare Real Estate Fund, a Charlotte, North Carolina-based private equity real estate fund affiliated with Flagship Capital Partners, LLC that acquires and develops medical properties in the Southeast. Through its subsidies and other joint ventures, Virtus Real Estate Capital has acquired 47 medical office properties since its inception in 2003, including PMC.
Built in 1998, PMC is adjacent to the 536-bed Moses H. Cone Memorial Hospital, the largest acute-care hospital in the Greensboro-High Point metropolitan statistical area. The property is 94 percent leased with tenants that include Eagle Physicians, Eagle Gastroenterology, Eagle Endocrinology, Central Carolina Surgery and the Breast Center of Greensboro, and will continue to be leased and managed by Brown Investment Properties, with Brackett Flagship Properties providing asset management services. PMC benefits from the growing medical demand based on strong area demographics, as well as Cone Health's continued growth as it enters a new era under a management agreement with Charlotte-based Carolinas HealthCare System.
"We're excited to announce our investment and operating partnership with Flagship," said Terry Thompson, President, Virtus Real Estate Capital. "We are confident that we've chosen a quality, best-in-class operator and real estate sponsor with strong expertise for medical office assets in this specific market. We are looking forward to expanding our relationship with Flagship while pursing similar quality healthcare assets," said Thompson.
"Our partnership with Virtus represented a perfect opportunity for us to leverage our expertise in medical office real estate management and sponsorship in this area," said Charles Campbell, Managing Partner, Flagship Capital Partners. "The Professional Medical Center property is an excellent addition to our portfolio and we couldn't have done it without the backing of a strong partner like Virtus."
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About Virtus Real Estate Capital
Unlike traditional private equity real estate investing firms, Virtus Real Estate Capital develops its investing strategy emphasizing the role of specific demographic trends and seeks investments outside of traditional real estate asset classes. There are several key trends on which the firm bases its investment strategy, including: the aging and growth of the Baby Boomer Generation; the coming of age of the Millennial Generation; the growth of the Hispanic market in the United States; and the transitory nature and decreased job tenure of the American worker.
Since 2003, Virtus Real Estate has purchased 120 properties throughout the United States with an acquisition price of more than $1.65 billion by partnering with best-in-class real estate operators who are domain experts in their specific real estate asset classes. Virtus focuses exclusively on asset types it considers to be resilient to economic and capital market forces such as self-storage, student housing, senior housing and medical office.
About Flagship Capital Partners
Flagship Capital Partners, LLC is the real estate investment affiliate of Brackett Flagship Properties, LLC that specializes in the acquisition and operation of income-producing medical office in the Southeast. Brackett Flagship Properties, LLC is a full-service real estate company that owns and manages more than 55 properties comprising over 1.5 million square feet of medical office and commercial property. This strategic alignment has resulted in increased market share for Brackett Flagship, further strengthening its position as a leading owner and manager of medical office buildings throughout the Southeast. The company is headquartered in Charlotte, North Carolina.
The Flagship Healthcare Real Estate Fund invests in high quality, income-producing healthcare real estate in the Southeastern United States. For more information, visitwww.flagshipcapital.com.