Flagship Healthcare Trust, which is managed and owned by Flagship Healthcare Properties, is acquiring a 15,000-square-foot medical office building (MOB) in Mechanicsville, Virginia for $5.4 million, according to county records.
Built in 2014, the building is fully leased by Richmond Pediatric Associates and Richmond Pediatric Dentistry & Orthodontics. The property was most recently assessed at $4.2 million.
Flagship Healthcare Trust is a private real estate investment trust that owns clinical healthcare assets in the United States. Flagship holds interests in 90 healthcare properties valued at more than $850 million. Flagship’s portfolio includes more than 2.3 million square feet of medical office space and more than 250 tenants.
An LLC tied to the two practices leasing the MOB was listed as the seller in the deal, which closed in early December. With the acquisition finalized, Flagship is already eyeing its next project up the road, a 7.5-acre assemblage of two undeveloped parcels in Mechanicsville, with plans to build a two-story, 38,000-square-foot MOB.
According to data captured in the LevinPro HC database, this transaction marks the 21st MOB acquisition of 2024. In 2023, 193 MOB transactions were reported. Flagship announced five acquisitions during 2023, and ten during 2022.
