USAA Real Estate Company and Brackett Flagship Properties, LLC Announce Joint Venture of Healthcare-Sector Properties
CHARLOTTE, N.C., March 17, 2015 /PRNewswire/ -- Brackett Flagship Properties, LLC of Charlotte, NC (" Brackett Flagship") and USAA Real Estate Company of San Antonio, TX ("RealCo") are pleased to announce the formation of a joint venture for the acquisition, development, management and leasing of healthcare-sector properties, particularly medical office and other mission-critical, health-system outpatient facilities, located throughout the Southeastern United States. The formation of the venture initially includes the acquisition of a portfolio of nine properties totaling 315,000 SF, located in eight cities throughout North and South Carolina, and Northeast Tennessee. This represents a programmatic deployment of capital with a strategic partner focused on the healthcare sector, and is one that RealCo believes has significant growth potential, based in part on its extensive demographic analysis.
Brackett Flagship Properties, LLC, formed in 2010 through the merger of Flagship Capital Partners and Diane Brackett Company, is led by Managing Partners Charles Campbell, Diane Rivers and President Brannen Edge, and is supported by a team of experienced professionals in the acquisition, development, property management and leasing of healthcare properties in the Southeastern United States. Outside the venture with RealCo, Brackett Flagship owns and/or manages more than 1.2 million square feet of healthcare space across 14 sub-markets across North and South Carolina, Virginia, and Tennessee. Since its inception, the firm and its investors have acquired and developed in excess of 1 million SF of healthcare properties in ventures with numerous physician practices and health systems.
"We are pleased to be partnering with Brackett Flagship in these healthcare investment initiatives," says Len O'Donnell, President & CEO of USAA RealCo. "We believe strongly that the combined reputations of Brackett Flagship and RealCo will resonate in this sector, and position our partnership to be a preferred provider of real estate solutions for both independent physician practices and leading health systems in this region of the country." O'Donnell went on to say that the firm anticipates replicating this program in other regions throughout the U.S.
"Partnering with USAA RealCo represents a tremendous opportunity for us to expand and enhance the range of services and financial solutions that we can offer our healthcare clients" stated Charles Campbell, Managing Partner of Brackett Flagship Properties. "RealCo's outstanding reputation, depth of resources and commitment to healthcare real estate make this partnership the perfect fit for Brackett Flagship. We are extremely proud to be joining in this venture with USAA Real Estate Company."
This new venture will target investments in primary and secondary markets of the states of Tennessee, Southern Virginia, the Carolinas and Georgia, and will have the financial capacity to consider both acquisitions and ground-up development projects.
About Brackett Flagship Properties, LLC
Brackett Flagship Properties, LLC and its legacy companies, Diane Brackett Company and Flagship Capital Partners, have over forty years of combined experience in healthcare real estate. Brackett Flagship Properties provides its health system and physician partners with a full range of real estate services including acquisitions, development, management and leasing. The company currently manages more than 60 properties totaling more than 1.7 million square feet in five states across the southeastern US. For more information visit www.brackettflagship.com.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
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SOURCE USAA Real Estate Company
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