Flagship Healthcare Nabs First Louisiana Property

The 55,000-square-foot medical office building in the New Orleans metro area was 72 percent occupied at the time of the transaction and is part of the campus of Lakeview Regional Medical Center.

Covington Medical Arts Pavilion, Covington, La.
Covington Medical Arts Pavilion, Covington, La.

Flagship Healthcare Properties has acquired Covington Medical Arts Pavilion, a 55,000-square-foot medical office building in the New Orleans metro area. The Class A property marks the company’s first acquisition in the state of Louisiana, adding to its portfolio of more than 2.5 million square feet of primarily health care-related office space managed across more than 85 properties throughout the Southeast. The property is LEED Silver certified and was 72 percent occupied at the time of the transaction.

On-campus property

Located at 5025 Keystone Blvd., in Covington, La., the medical facility is part of the campus of Lakeview Regional Medical Center, which has recently joined the venture between Hospital Corp. of America and Tulane University. Lakeview Regional Medical Center is an acute-care hospital with more than 240 physicians and specialists and 800 employees. The center provides inpatient and outpatient health care services, including a 24/7 emergency room, heart center, surgical institute, rehabilitation center and a behavioral health center.

Covington Medical Arts Pavilion currently houses inpatient providers HCA Lakeview Medical Center (Lakeview Behavioral Health) and AMG Rehabilitation Hospital – Covington. The property has easy access to Route 190 and Interstate 12, and is a less than a 10-minute drive from Pinnacle Nord du Lac Shopping Center.

“This asset’s superb location adjacent to Lakeview Regional Medical Center, its ease of accessibility, and strong tenancy make it an exciting addition to our portfolio,” said Russell Brown, senior vice president of investments with Flagship Healthcare Properties, in prepared remarks.

Image courtesy of Flagship Healthcare Properties