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Real Estate - Commercial

Surgery Center In Wilmington Sells For $15M

By Cece Nunn, posted Oct 1, 2021
A Charlotte-based investment trust bought the Wilmington SurgCare property at 1801 S. 17th St. in Wilmington. (Photo courtesy of Flagship Healthcare Trust)

A Charlotte-based outpatient healthcare real estate investment trust recently bought an ambulatory surgery center in Wilmington.

Flagship Healthcare Trust purchased 1801 S. 17th St., which includes the 24,757-square-foot Wilmington SurgCare facility, in September. 

The sale price was $15 million, according to property tax records. Wilmington SurgCare, a partnership between Nashville-based Surgery Partners and local physician partners, leases the facility and is a long-term tenant, a Flagship news release stated.

The ambulatory surgery center (ASC) operates under a Certificate of Need (CON) and is not far from New Hanover Regional Medical Center's main campus, 2131 S. 17th St.

Wilmington SurgCare is a multi-specialty surgery center containing seven operating rooms with a focus on 16 specialties and procedures and over 100 providers, according to the release. The center is expected to undergo a renovation and expansion, according to a sign at the property and plans submitted in 2019 to the city of Wilmington.

Blake Bratcher, Flagship’s executive vice president of ASCs, said in the release, “Ambulatory surgery centers are at the forefront of transformation in health care delivery, and we are continuing to capitalize on new opportunities in alignment with physicians and surgery center operators to help them maximize their real estate so they can carry out their mission more effectively.”

Thomas Maloy, a doctor and president of WSC Properties Inc., said, “It was an easy decision to work with Flagship. Their team is experienced, genuine, and very professional. Flagship really knows surgery center real estate, and the whole process was smooth and efficient.”

Fifth Third Bank, led by Michael Perillo, provided financing to acquire the Wilmington ASC, according to the release.

Flagship REIT also owns the medical office building at 2800 Ashton Drive in Wilmington and a Dosher medical office building in Southport. The trust holds interest in 75 healthcare properties valued at over $650 million, and its portfolio includes more than 1.9 million square feet of medical office space and more than 220 tenants, the release stated.

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