Brackett Flagship Properties
HEALTHCARE REAL ESTATE BULLETIN
Second Quarter 2016
BRACKETT FLAGSHIP PROPERTIES/USAA REAL ESTATE
COMPANY JOINT VENTURE ACQUIRES TENTH PROPERTY
INSIDE
THIS ISSUE:
Caldwell UNC Health Care’s
Rivercrest Medical Office
Building Development.........2
Parkside Medical Plaza
Acquisition..............................2
New Hires, Promotions, and
Professional Recognition.....3
Around the Office................3
Deal Chicken Award............4
Partnering to Promote
Wellness...................................4
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Brackett Flagship
Properties, LLC
In the tenth acquisition for the joint venture since its formation last year, the approximately
100,000 square foot LEED Silver Certified, Class A medical office building known as
DePaul Medical Plaza and located within the Bon Secours DePaul Medical Center campus
just north of downtown Norfolk, VA, was acquired in late June of 2016.
Delivered in 2014, the property sits on campus across from the entrance of Bon Secours
DePaul Medical Center, a faith-based hospital originally opened as St. Vincent DePaul in
1856. The property offers tenants the most advanced characteristics of a Class A medical
office property in the Grandby/North Central region of greater Norfolk.
“We are delighted to have the opportunity to acquire this magnificent asset and to be part
of the legacy of care on the historic campus of Bon Secours DePaul Medical Center,” says
Charles Campbell, Managing Partner of Brackett Flagship Properties. “This represents our
first acquisition in the Hampton Roads region, and the commencement of a relationship
with Bon Secours Health, one of the leading health systems in the Southeast US.”
At the time of the sale, the building was 64 percent occupied, providing the opportunity
to add value through additional leasing. The building’s tenant roster includes Bon
Secours Oncology Specialists, Bon Secours Outpatient Infusion Center, Bon Secours
Surgical Specialists, and DePaul Medical Associates.
“This transaction reinforces our strategy to expand our portfolio of healthcare
real estate assets across the country,” said Len O’Donnell, President and CEO
of USAA Real Estate Company. “We are enthusiastic about expanding our
venture with Brackett Flagship Properties by adding this state-of-the-art
medical office property, especially in a city where USAA has a large
member base.”
BrackettFlagship
Brackett Flagship Properties, LLC
2701 Coltsgate Road, Suite 300 Charlotte, North Carolina 28211
P. 704-442-0222 | F. 704-367-0196 | www.brackettflagship.com
Healthcare Real Estate Bulletin | 1
BFP CONTINUES CALDWELL UNC HEALTH CARE PARTNERSHIP WITH
CONSTRUCTION OF RIVERCREST MEDICAL OFFICE BUILDING
Since the ground breaking ceremony on April 29, construction is
proceeding as scheduled in Granite Falls, NC. Brackett Flagship
Properties (“BFP”), in partnership with Caldwell UNC Health Care,
is constructing Phase 1 of a new medical campus in south Caldwell
County. This first phase of the project includes a new 24,000 SF
medical office building that will be anchored by the Hospital System
and include additional space for complementary third party tenants.
Future phases contemplate a 20,000 SF ambulatory surgery center and a
second, 15,000 SF medical office building.
Thorn Baccich, VP of Real Estate Development for BFP, said “It has
Rivercrest MOB - Granite Falls, NC
been a pleasure working with the Town of Granite Falls.” Baccich
added that the BFP team was “proud to be contributing to the solution for advancing access to expert healthcare in southern
Caldwell County.” Laura Easton, Caldwell UNC Health Care President and Chief Executive Officer, stated at the ground
breaking ceremony that “this is a new beginning and an opportunity for us to position ourselves for the future …healthcare
is a cornerstone for any community.” Easton closed her remarks by stating, “It is our promise to bring you expert care and
to make you a priority when you come to this facility.”
Project construction within the RiverCrest Shopping Center just off of Hwy 321 in Granite Falls, NC is ongoing. The
phase one medical office building is expected to be complete in late 2016 or early 2017. The architect on the project is Clark
Patterson Lee out of Charlotte, while Keach Construction is serving as the general contractor.
BRACKETT FLAGSHIP PROPERTIES EXPANDS ITS PRESENCE IN EASTERN
TENNESSEE WITH KNOXVILLE ACQUISITION
Medical Center, as well as Knoxville’s
premier retail corridor.
“Parkside Medical Plaza’s current
occupancy provides both income stability
and upside potential for our investors,”
says Russell Brown, Vice President
of Investments at Brackett Flagship
Properties. “We also like the quality
and diversity of tenants in the building,
including University Health System,
OrthoTennessee, and Gastrointestinal
Associates.”
“We look forward to expanding these new
provider relationships and are excited to
acquire the premier class A medical office
Flagship Healthcare Real Estate Fund is pleased to announce its
acquisition of Parkside Medical Plaza in Knoxville, Tennessee. Parkside building in Farragut.
sits in the heart of Knoxville’s affluent suburb of Farragut. The
Charlotte-based Brackett Flagship
prominent building’s central location in the Turkey Creek development Properties will provide asset management
places it in close proximity to both Tennova Healthcare’s Turkey Creek services for the property.
Parkside Medical Plaza - Knoxville, TN
2 | Brackett Flagship Properties, LLC
NEW HIRES, PROMOTIONS, AND PROFESSIONAL RECOGNITIONS
The first half of 2016 has been exceptional in terms of
growth.
RUSSELL BROWN was promoted to Senior Vice President
of Acquisitions.
DAN MAPLES came on board as
our Chief Engineer, working closely
with our Property Management and
Asset Management teams to oversee
the daily operations and management of the Engineering
Department.
REX NOBLE comes to BFP as Senior
Vice President of Asset Management.
Rex is focused on maximizing the
performance and value of our real
estate portfolio, while formulating and implementing
a long range asset management strategy. He was
previously at Lillibridge Healthcare Services where he
was responsible for over 150 medical properties with a
combined square footage in excess of 8 million square
feet.
SUZANNE FELZBERG joined the
company as Property Controller.
She is responsible for maximizing
the return on financial assets by
establishing financial policies, procedures, controls, and
reporting systems. Additionally, she supervises the firm’s
property accountants and supports the property and asset
managers.
COSBY QUINLAN has joined the
firm as a property manager for Brackett
Flagship’s medical office, ambulatory
surgery center and retail portfolio.
Her portfolio consists of over 335,000 square feet of
sponsored and third-party assets.
ANGIE FLYNN serves as the firm’s
Investor Liaison and Executive
Administrative Assistant. In addition
to providing administrative support to
the management team, she will streamline communication
to and admission of investors in company-sponsored
projects.
MARSHA DYER is our Office
Manager/HR Coordinator. She joins us
with 23 years of human resources and
office management experience. She will
provide HR oversight and maintain office efficiency.
RANDY PEUGH joins us as
Maintenance Engineer, and is responsible
for the daily operations and maintenance
of our growing portfolio of medical and
office properties in the Triad and Triangle markets.
TRIPP TATE was promoted to Chief Accounting Officer.
SARA BULLARD has relocated back to her hometown of
Greensboro, NC to establish our new property management
and maintenance office, and to serve as Property Manager for
both the Triad and Triangle assets.
NEWS FROM THE OFFICE
QUARTERLY SOCIAL BFP’s most recent social
event took place at Exit Strategies, an escape-the-room
concept in Charlotte, NC. Our staff divided into teams
and worked together to solve clues and ultimately,
“escape the room”. A fun time was had by all.
BOMA Several BFP team members attended the
BOMA MOB and Healthcare Real Estate Conference
on May 3-5 in Orlando. The annual conference is
the largest health care real estate conference in the
industry.
NCMGMA Another successful North Carolina
Medical Group Managers conference took place in
Charleston on May 11-13 with BFP participating as both
a sponsor and a booth exhibitor.
INTERFACE HEALTHCARE The Interface Healthcare
Real Estate Southeast conference took place in
Charlotte on June 1st with BFP participating as a
platinum sponsor. Additionally, Rex Noble and Gordon
Soderland served as panelists at the conference.
BEDS FOR KIDS Led by Russell Brown’s involvement,
Brackett Flagship was proud to once again support
Beds for Kids’ “Dream Big” Annual Benefit on May
11th. Beds for Kids is a non-profit that exists to serve
thousands of Charlotte-area children and their families
in providing beds and other essential furniture.
Healthcare Real Estate Bulletin | 3
LEADERSHIP CONTACTS
DIANE RIVERS
Managing Partner
D. 704-749-7270
M.704-579-1298
[email protected]
CHARLES CAMPBELL
Managing Partner
D. 704-971-4849
M.704-724-6911
[email protected]
BRANNEN EDGE
President and COO
D. 704-971-8902
M.704-287-3333
[email protected]
REED GRIFFITH
Partner, Leasing and Brokerage
D. 704-971-8908
M.704-619-0473
[email protected]
JOE SHULL
Partner, Director of Property
Management
D. 704-749-7272
M.980-254-6701
[email protected]
About Brackett Flagship Properties
Brackett Flagship Properties, LLC (BFP) is a fully integrated
commercial real estate firm focused on healthcare and
professional office properties. BFP and its legacy companies,
Diane Brackett Company and Flagship Capital Partners, LLC,
have over forty years of combined experience in healthcare
real estate. BFP provides its healthcare systems and physician
clients a full range of real estate services including capital,
development, sales, marketing, leasing, maintenance, and
asset and property management solutions. BFP currently
owns and manages more than 70 properties totaling more
than 2 million square feet across six southeastern states.
DEAL CHICKEN AWARD
When 2701 Coltsgate Road (home
to Brackett Flagship Properties)
was sold, the new ownership group
identified a series of common area
improvements and enhancements
designed to keep the building at
the forefront of an increasingly
competitive Southpark submarket.
The task of coordinating the
project—from lobby renovations,
to common area restroom
renovations, elevator upgrades, lighting, landscaping, parking
lots, HVAC upgrades—fell to David Bowling. Faced with
a finite budget and infinite “wish list” of upgrades, David
was masterful in coordinating multiple vendors, ensuring the
disruption to tenants was minimal, and doing it all with a
keen eye on the bottom line. Well done David!
BRACKETT FLAGSHIP PROPERTIES
PARTNERS TO PROMOTE WELLNESS
BFP is proud to be a sponsor of,
and provide a location for, the
Cotswold Farmers Market. Held on
Saturdays at 309 S. Sharon Amity Rd,
a property owned by the BFP/USAA
joint venture and managed by BFP,
the Cotswold Farmers Market is a
100% volunteer organization run by
Charlotte’s Providence Rotary Club
providing locally sourced and produced (within 100 mile
radius) produce, meats, cheeses, and goods from up to 22
vendors.
The market is open Saturday
mornings from 8 am to
noon, May 7th through
October 29 and has
many family friendly
activities, including
face painting,
games, Kids Yoga, cooking demonstrations,
and live music. Learn more at www.
facebook.com/cotswoldfarmersmarket/
Brackett Flagship Properties, LLC
2701 Coltsgate Road, Suite 300 Charlotte, North Carolina 28211
P. 704-442-0222 | F. 704-367-0196 | www.brackettflagship.com
4 | Brackett Flagship Properties, LLC