Flagship Healthcare Properties is pleased to announce its acquisition of a Class A, 44,290-square-foot medical office building (MOB) in Lexington, Kentucky. Located at 1775 Alysheba Way, the two-story MOB is fully leased by Family Practice Associates of Lexington and Baptist Healthcare of Lexington.
Built in 2004 on 2.53 acres, the property is located approximately 20 minutes from downtown Lexington in the growing Hamburg area. It is well-positioned just off Man-O-War Boulevard, less than one mile from I-75 and Lexington’s premier shopping mall – Hamburg Pavilion, a 980,000-square-foot super-regional power center.
Family Practice Associates of Lexington occupies 47%, or 18,000 square feet, of the building and Baptist Healthcare of Lexington leases 53%, or 26,290 square feet, providing outpatient care for Baptist Health Lexington hospital. Both tenants are prominent healthcare providers in the area, and Becker’s Hospital Review, a renowned healthcare industry publication, recently named Baptist Health Lexington as one of the “100 Great Hospitals in America.”
“We really like the Lexington market and are happy to be able to expand our presence here,” said Gerald Quattlebaum, senior vice president of acquisitions. “We are fortunate to have been selected by Family Practice Associates for this transaction and we look forward to working closely with them and Baptist Healthcare of Lexington as they continue to grow and meet their patients’ needs.”
Flagship acquired the property through its private real estate investment trust, Flagship Healthcare Trust, Inc. (Flagship REIT). As the new owner-operator of the building, Flagship will provide property and asset management services.
Mark Rubin from Rubin Properties represented the seller. First Horizon Bank provided financing for the transaction.
For more information about Flagship Healthcare Properties, visit www.flagshiphp.com.
About Flagship Healthcare Properties
Flagship Healthcare Properties, LLC (Flagship) is a fully integrated healthcare real estate firm serving clients throughout the Mid-Atlantic and Southeast regions. 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 4.2 million square feet of healthcare real estate across more than 155 properties serving in excess of 465 tenants. The firm has developed or acquired over 80 properties valued at more than $675 million. Flagship serves as the manager of its private REIT, Flagship Healthcare Trust, Inc. For further information, visit www.FlagshipHP.com.
About Flagship Healthcare Trust
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 50 healthcare properties valued at over $400 million. Flagship REIT’s current portfolio includes more than 1.4 million square feet of medical office space and approximately 185 tenants. For further information, visit www.FlagshipHP.com.
