FLAGSHIP HEALTHCARE TRUST ACQUIRES CLERMONT, FLORIDA MOB

Anchor building of Citrus Tower Park is near Orlando Health South Lake Hospital

CHARLOTTE, N.C. , June 16, 2022 /PRNewswire/ -- Flagship Healthcare Trust, a Charlotte-based outpatient healthcare real estate investment trust (REIT), has acquired the Citrus Tower medical office building (MOB) in Clermont, Florida.

Located at the Citrus Tower Boulevard and Johns Lake Road intersection, the 20,964-square-foot, Class A property serves as the anchor building for Citrus Tower Park and is home to the newest location for IMA Medical Group (IMA), the area's leader in patient-centered care for wellness and preventative medicine. The MOB is approximately 1.5 miles from the 170-bed Orlando Health South Lake Hospital and AdventHealth Clermont Park, a 24-bed freestanding Emergency Department and health park.

Clermont is a suburb of Orlando, one of central Florida's fastest-growing cities and a thriving healthcare sector. The region is home to three other hospitals in addition to Orlando Health South Lake and AdventHealth: Nemours Children's Hospital, Orlando VA Medical Center, and HCA – Central Florida Regional Hospital.

"This property is well-positioned in the Orlando MSA, close to two major hospitals and with excellent access to commercial and transportation corridors. The newly constructed Citrus Tower MOB will be an attractive option for medical practices in this dynamic and rapidly growing market," said Gerald Quattlebaum, Flagship's Executive Vice President of Acquisitions. "We look forward to complementing the existing tenant mix all the while providing first-class real estate services that support their missions and business aspirations."

Flagship Healthcare Properties, which serves as the external manager for the REIT, will provide asset management and property management services for the property. The team at Fifth Third Bank, led by Michael Perillo, will provide financing for this off-market transaction.

Flagship Healthcare Properties, LLC (Flagship) is a fully-integrated outpatient healthcare real estate firm serving clients throughout the Southeastern and Southern Mid-Atlantic United States. Headquartered in Charlotte, North Carolina, Flagship offers a full range of real estate services including investment and capital solutions, development, property sales, leasing and marketing, as well as facilities, property and asset management. Flagship manages over 5.1 million square feet of healthcare real estate in over 220 properties serving more than 530 tenants. Flagship serves as the manager of its private REIT, Flagship Healthcare Trust, Inc. For further information, visit www.FlagshipHP.com.

Flagship Healthcare Trust, Inc. (Flagship REIT), is a private real estate investment trust that owns clinical healthcare assets in the United States. Flagship REIT holds interest in more than 87 healthcare properties valued at over $801 million. Flagship REIT's current portfolio includes more than 2.3 million square feet of medical office space and more than 250 tenants. For further information, visit www.FlagshipREIT.com.

SOURCE Flagship Healthcare Properties, LLC