Fredericksburg medical building sells for $6.85M

A medical office building in Fredericksburg sold for $6.85 million, Charlotte, North Carolina-based outpatient health care real estate firm Flagship Healthcare Properties LLC announced Wednesday.

Built in 2007, the 16,483-square-foot medical office building is located at 1071 Care Way, adjacent to the 450-bed Mary Washington Hospital. The building is 100% leased to the Rappahannock Women’s Health Center and the Laboratory Corporation of America (Labcorp).

“Market-leading tenants, quality of the real estate and location adjacent to the campus of Mary Washington Hospital just checked all the boxes,” Gerald Quattlebaum, Flagship’s executive vice president of acquisitions, said in a statement.

Flagship Healthcare Properties bought the property through its real estate investment trust, Flagship Healthcare Trust Inc. Jim Kornick and Joe French from Avison Young represented the seller, which Flagship declined to disclose. PA & Associates LLC owned the property, according to Fredericksburg property records.

Flagship Healthcare Properties manages more than 5.3 million square feet of health care real estate in more than 240 properties with over 580 tenants. The portfolio of Flagship Healthcare Trust Inc., or Flagship REIT, includes 2.48 million square feet of medical office space and 300 tenants.