Flagship Healthcare Properties has acquired a Class A medical outpatient building and ambulatory surgery center in Hickory, North Carolina, for $51 million. The purchase marks the largest single-asset acquisition by purchase price in the history of Flagship Healthcare Trust, the company’s private real estate investment trust. The facility is 100% leased and anchored by Graystone Eye, a physician-led ophthalmology practice that serves Western North Carolina. Hickory is located approximately 60 miles northwest of Charlotte.
The property is located at 2424 Century Place SE within Hickory’s primary outpatient medical corridor, positioning it among other healthcare uses in the market. The building totals 92,516 square feet and was originally completed in 2008. An expansion in 2019 increased the building’s footprint and functionality to support both clinical and administrative needs for its tenants.
The 2019 expansion added administrative offices along with additional exam and procedure rooms to accommodate the practice’s patient volume and clinical services. It also introduced an aesthetic clinic and upgraded the ambulatory surgery center. Improvements at the surgery center included increased operating capacity and expanded patient areas, enhancing the building’s suitability for outpatient surgical care.
Graystone Eye, founded in 1969, is the primary tenant at the facility. The practice operates from five locations across Western North Carolina and employs more than 350 people. Its clinical team includes 14 board-certified ophthalmologists and 5 optometrists, among them 8 fellowship-trained specialists. Within the Hickory facility, the surgery center is equipped with four accredited operating rooms, supporting a range of ophthalmic procedures.
Following the acquisition, Flagship Healthcare Properties will provide both property management and asset management services for the facility. By integrating management functions in-house, the firm will oversee day-to-day operations of the real estate as well as long-term strategic planning at the asset level. The fully leased status, specialized medical buildout, and established regional healthcare tenancy define the property’s current positioning within the Hickory medical corridor.
The transaction underscores the significance of this Class A medical outpatient and surgical facility within Flagship Healthcare Trust’s portfolio, given its size, price point, and role as the REIT’s largest single-asset purchase to date. With a long-established anchor tenant, a modernized surgery center, and recent expansions designed to accommodate both clinical and administrative functions, the asset represents a sizable medical investment in Hickory’s outpatient care infrastructure.
