Alex. Brown Realty, Inc. Partners with Flagship Capital Partners to Acquire Greenville, South Carolina Medical Office Building
Contact: Thomas R. Burtom
Baltimore, MD (May 20, 2009) – Charlotte, North Carolina-based Flagship Capital Partners (Flagship) has partnered with Baltimore, Maryland-based Alex. Brown Realty, Inc. (ABR) to acquire the Eastside Medical Center, a 45,000 square foot medical office building in Greenville, South Carolina. ABR Chesapeake Fund III, a value-added real estate investment fund sponsored by ABR, provided an equity commitment of $1.6 million to the venture.
Alex. Brown Realty, Inc. (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
Eastside Medical Center is within Greenville’s growing Eastside medical office submarket and is located just blocks away from both Bon Secours’ St. Francis Eastside Hospital and Greenville Hospital System’s Patewood Campus.
The property is expected to cater primarily to smaller medical office users looking for attractive, low-cost leasing options close to Greenville’s major hospitals. Commented John Prugh, ABR’s president and CEO, “based on Flagship’s experience, we are confident that their professional approach to leasing and management will help us quickly reach stabilized occupancy and develop a competitive edge within Greenville’s growing medical office community.”
“The credit and real estate markets over the past year have been nothing short of extraordinary,” stated Brannen Edge, Flagship’s vice president of financial services. “We are delighted to have successfully completed this purchase, especially given the turbulent environment. We are equally thrilled for the opportunity to partner with such a highly-regarded firm as ABR.”
Rob Vaughn of GrandBridge Real Estate Capital helped arrange financing through BB&T Real Estate Funding. Bucky Tarleton of Colliers-Keenan represented the seller, Hotzfam Trusts. Rixey Todd of Estes Park Capital facilitated the introduction of Flagship and ABR.
Flagship Capital Partners, LLC is a private investment real estate firm specializing in acquiring income-producing medical and office real estate and providing brokerage and corporate real estate services to clients. Founded in 2005, Flagship’s management team has over 175 years of collective real estate experience in all areas of investment real estate. www.flagshipcapital.com