#United States #Charlotte, North Carolina #Property Management #Flagship Healthcare #Montecito Medical

Flagship Healthcare Properties Collaborates with Montecito Medical Real Estate

In a significant development for healthcare real estate, Flagship Healthcare Properties has announced a property management agreement with Montecito Medical Real Estate, a key player in the industry. This partnership focuses on managing 11 medical office buildings and ambulatory surgery centers located in Virginia, boosting both firms' operational scopes in a key market.

Partnership Overview

As part of this agreement, Flagship will oversee various aspects of property management including tenant relations, vendor contracts, construction management, and engineering services for Montecito. Joseph Shull, a Partner and Executive Vice President of Property Management at Flagship, expressed gratitude for the opportunity to manage such critical assets, emphasizing the potential for growth in the Virginia market. Shull commented, "We are grateful for the opportunity to serve a valuable client in Montecito Medical on the management of these properties in Virginia."

Adding to its capability, Flagship has reinforced its team with skilled personnel specifically for this assignment, thus enhancing their property management operations. Flagship will be managing a total of over 500,000 square feet of Class A properties, addressing the needs of various tenants, from ambulatory surgery centers to imaging and primary care facilities.

Growth in Virginia's Healthcare Sector

Montecito Medical Real Estate, a Nashville-based firm, is recognized as one of the largest privately held acquirers of medical real estate in the United States. With over 10 million square feet of healthcare properties in its portfolio, Montecito's investment approach continues to attract attention in the sector. Billy May, Montecito’s Executive Vice President of Asset Management, noted, "We look forward to growing our relationship with the Flagship team in one of our core markets." This collaboration marks an exciting step forward for both parties as they aim to expand their influence in the outpatient healthcare sector.

This agreement not only demonstrates Flagship's dedication to enhancing healthcare facilities but also highlights a growing trend in the healthcare real estate market. The push for outpatient care options has surged in recent years, leading to a higher demand for specialized medical facilities that are well-managed and easily accessible.

The Operational Impact

The agreement with Montecito is expected to yield positive operational results, given Flagship's established expertise in property management. The firm currently manages approximately 8.4 million square feet of healthcare real estate across more than 385 properties, serving over 765 tenants. With this new assignment, Flagship extends its expertise in managing medical facilities in Virginia, further solidifying its position in the industry.

About the Companies

Flagship Healthcare Properties stands as a fully-integrated healthcare real estate firm. Their services range from acquisitions and development to leasing and property management, making them a comprehensive solution provider in the sector. With an impressive portfolio, they offer strategic support to healthcare providers looking to optimize their facilities.

Meanwhile, Montecito Medical Real Estate has firmly established itself as a leader in healthcare property investment. By focusing on acquiring outpatient healthcare properties, they aim to elevate the quality and accessibility of medical care throughout the United States.

In conclusion, this property management agreement between Flagship Healthcare Properties and Montecito Medical Real Estate is a testament to the potential for growth in the healthcare real estate sector. With increasing demand for outpatient services, collaborations like this position both firms for continued success and expansion in a dynamic market.