Flagship Healthcare Expands Charlotte Footprint

The investor’s $26.3 million acquisition includes six medical office buildings totaling more than 120,000 square feet in Cabarrus County.
270 Copperfield Blvd. N.E. Image courtesy of Yardi Matrix

CFM Real Estate Development has sold a six-building medical office portfolio near Charlotte, N.C., to Flagship Healthcare Properties for $26.3 million, according to Yardi Matrix. The buyer financed the acquisition with a $19 million mortgage through First National Bank of Pennsylvania.

Early last year, a joint venture led by Flagship Healthcare traded a Class A medical office building in Virginia. The asset was 91 percent occupied at the time of the sale.

The properties in Flagship’s new Charlotte portfolio are in the metro’s Cabarrus County submarket, roughly 20 miles northeast of downtown. The largest property, located at 270 Copperfield Blvd. N.E. in Concord encompasses 49,528 square feet of medical office and 7,950 square feet of retail space. In addition to healthcare tenant Cabarrus Family Medicine, the building is also home to a 5,600-square-foot conference facility on the second floor.

Poplar Tent Medical Plaza. Image courtesy of Yardi Matrix

The portfolio also includes the Poplar Tent Medical Plaza, a two-building, 38,226-square-foot property 6 miles southwest of the first. Positioned a stone’s throw from Interstate 85 at 5641 and 5651 Poplar Tent Road, the structures’ tenants include a Cabarrus Family Medicine-run urgent care facility, Carolinas Rehabilitation and a dentist office.

Another asset in the portfolio—a 25,070-square-foot two-story medical building—is located at 4949 Professional Park Drive in Kannapolis, N.C. The property is leased to several family practitioners, an optometrist and a dental practice.