Flagship Healthcare Properties spent $51 million on a Class A, 100% leased medical outpatient building and ambulatory surgery center in Hickory, North Carolina. The transaction represents the largest single-asset acquisition by purchase price in the history of Flagship Healthcare Trust, the company's private REIT. The property is anchored by Graystone Eye, and Hickory is about 60 miles northwest of Charlotte.
Located at 2424 Century Place SE in Hickory's primary outpatient medical corridor, the 92,516-square-foot facility was built in 2008 and expanded in 2019. The expansion added administrative offices, exam and procedure rooms, an aesthetic clinic, and improvements to the surgery center, including additional operating capacity and expanded patient areas. Graystone Eye, founded in 1969, is a physician-led ophthalmology practice serving Western North Carolina from five locations. Its team includes more than 350 employees, 14 board-certified ophthalmologists, and 5 optometrists, including 8 fellowship-trained specialists. The facility's surgery center includes four accredited operating rooms. Flagship will provide property management and asset management services.
The acquisition suggests Flagship is willing to deploy significant capital into fully leased, specialty-anchored outpatient assets outside major metro cores. The property's 100% occupancy and Graystone Eye's established regional presence may support stable cash flow, while the 2019 expansion indicates recent investment in the facility's clinical capacity. The transaction's record size for Flagship Healthcare Trust also signals a strategic emphasis on larger medical outpatient properties within its private REIT portfolio.
What remains unknown is the capitalization rate, seller identity, financing structure, and lease term remaining with Graystone Eye. The dossier does not state whether the purchase price reflects a premium or discount to replacement cost, nor does it provide historical operating income or occupancy trends. The source is a single secondary report, so the transaction details have not been independently corroborated by public records or additional outlets.