REIT expanding in Florida buys medical building in Polk County

The North Carolina investor with a focus on the medical sector paid $6.75 million for the office building.

By Louis Llovio
| 3:00 p.m. January 5, 2023
| 2 Free Articles Remaining!

A North Carolina investor with a focus on the medical sector paid $6.75 million for a medical office building in Polk County. (Courtesy rendering)

Tampa Bay-Lakeland

A Charlotte, North Carolina, REIT specializing in the health care industry has picked up a 27,910-square-foot office property in Polk County.

Flagship Health Care Properties’ trust paid $6.75 million for the building at 250 Ave. K SW in Winter Haven.

The building’s tenants include the Center for Retina and Macular Disease, an ophthalmic group, and Davita, a kidney care provider.

In a statement announcing the deal, Gerald Quattlebaum, Flagship’s executive vice president of acquisitions, says the population growth and a “booming” health care industry drew the company to the property — and the region.

In all, Flagship, an outpatient health care real estate firm, owns nine properties throughout the state. It has a big presence around Orlando and is expanding west.

“With an ever-growing footprint, we are very bullish on this part of the state,” Quattlebaum says in the statement.

Flagship bought the property through its REIT, Flagship Healthcare Trust, and will provide property and asset management services.

The company oversees more than 240 health care properties totaling more than 5.3 million square feet. The REIT holds interest in 93 health care properties valued at about $906 million.

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Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.