CHARLOTTE – The Charlotte-headquartered real estate investment trust Flagship Healthcare Trust, which invests in southeastern and mid-Atlantic medical facilities, has closed a $35 million investment from CenterSquare Investment Management, the firm announced in a statement.
The investment was made on behalf of a “Fortune 100 institutional client pension plan,” and will “support the robust acquisition and development pipeline of the company’s growing portfolio,” the statement reads.
“We are excited to welcome CenterSquare as a strategic investor in Flagship,” said J. Brannen Edge III, President and CEO. “This represents the second corporate pension plan investment in Flagship over the past few months.” Edge also noted in the statement that the investment will assist in fueling growth for the firm.
“The medical office real estate sector is enjoying both favorable secular and cyclical tailwinds as an aging population is increasingly seeking convenient locations to access quality healthcare,” said Chad Burkhardt, Managing Director of CenterSquare, in a statement.
“Nowhere is that more pronounced than in the Southeast U.S. market where Flagship’s leadership team leverages their strong relationships with physicians and health care systems and deep sector knowledge to consistently execute on their strategic growth plan,” said Burkhardt.
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Flagship acquired a Wilmington, N.C. medical property in September for $15 million, according to reporting from WilmingtonBiz.com. The company also acquired another Wilmington property in 2018.
The company also owns about 40 properties in North Carolina, including properties in Charlotte, Concord, Chapel Hill, Durham, Morrisville, and Greensboro, as well as other cities and towns in the state.
The firm recently sold a property in Cary in October that it had acquired in 2015.
The firm raised $5 million in equity financing in 2019.
