Flagship Healthcare Properties Acquires 26,107-SF Cincinnati Medical Office Building Through Marcus & Millichap

CINCINNATI — Flagship Healthcare Properties has acquired a 26,107-square-foot Class A medical outpatient building at 8099 Cornell Road in Cincinnati, Ohio, the Charlotte, North Carolina-based firm announced June 29. The property is 100% leased to Beacon Orthopaedics & Sports Medicine and was acquired through Flagship Healthcare Trust, the firm's private real estate investment trust. Financial terms were not disclosed.

Property and Tenant Overview

The single-tenant facility functions as a comprehensive outpatient orthopaedic clinic, featuring on-site MRI and X-ray imaging, clinic space, and procedure rooms. Its integrated design allows patients to receive diagnostic testing and treatment in a single visit, according to the announcement.

Beacon Orthopaedics & Sports Medicine, the sole occupant, has operated in the greater Cincinnati region for more than 25 years across multiple locations in Southwest Ohio, Northern Kentucky, and Southeastern Indiana. Beacon is a partner of OrthoAlliance, which is part of SCA Health — a national surgical and practice management organization that serves more than two million patients annually across hundreds of clinical and physician practice locations nationwide.

The property is situated along Cornell Road, a commercial and healthcare corridor in the northeastern portion of the Cincinnati metropolitan area, near the communities of Blue Ash and Montgomery. The location offers access to Interstate 71 and Interstate 275, connecting the site to downtown Cincinnati and surrounding suburban communities.

Brokerage and Deal Structure

Frank Roti, Brett Rodgers, and Thomas Heitzman, investment specialists in Marcus & Millichap's Chicago Downtown office, held the exclusive listing to market the property on behalf of the unspecified seller and procured the buyer. Michael Glass served as Marcus & Millichap's Ohio broker of record in connection with the transaction.

The acquisition was completed through Flagship Healthcare Trust, Flagship's private REIT, which holds interests in 114 properties comprising 3.0 million square feet of space valued at more than $1.2 billion, according to the firm. Flagship will also provide property management and asset management services for the building going forward.

Strategic Context for Flagship Healthcare Properties

"This acquisition aligns with Flagship's strategy of investing in high-quality outpatient healthcare real estate in quality markets, and building long-term partnerships with leading physician groups," said Blake Bratcher, Flagship's Executive Vice President of Acquisitions. "Beacon Orthopaedics is a premier orthopaedic practice serving the greater Cincinnati region, and we are pleased to add this strategically located asset to our growing portfolio."

Flagship Healthcare Properties manages approximately 8.95 million square feet of healthcare real estate across more than 435 properties serving more than 815 tenants nationwide. Recent Flagship announcements have included a land closing for a new medical outpatient development in Venice, Florida, and a groundbreaking at Wiregrass Ranch.

About the Firms

Flagship Healthcare Properties, LLC is a fully integrated outpatient healthcare real estate firm headquartered in Charlotte, North Carolina, offering acquisitions, development, leasing and brokerage, and facilities, property, and asset management services. The firm serves as manager of Flagship Healthcare Trust, Inc.

Marcus & Millichap is a national commercial real estate brokerage firm with investment specialists across multiple U.S. markets.