Brackett Flagship Properties

Healthcare Real Estate Bulletin

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Two Leaders in Healthcare Real Estate

Brackett Company and Flagship
Capital Partners, two Leaders in
the healthcare real estate market
have joined forces to create
Brackett Flagship Properties.
Based in Charlotte, NC, Brackett

INSIDE
THIS
ISSUE:

Flagship specializes in the acquisition, development, leasing and

property management of medical Brackett Flagship Office Building2701 Coltsgate Road
office properties in Charlotte and the Carolinas. Our portfolio consists of over 1.2 million

Cotswold
Medical

Christenbury
Town Center

Lake Medical
Plaza Welcomes
Tenants

Park Medical
Huntersville

Q & A with
Reed Griffith

Recent Deals

BFP Leasing
Team

square feet of property under our leasing and management services. In addition to handling our portfolio, we also offer third party brokerage services for both tenants and landlords, as well as property management and maintenance services for building owners. On
behalf of the team at BFP, we would like to welcome you to our first Healthcare Real
Estate Bulletin!

Brackett Flagship Properties Awarded

Leasing of Mallard Crossing Medical Park

BFP was recently hired by Cogdell Spencer, a

national healthcare REIT, to market two medical

office buildings in the University area. Mallard Medical Park features Class A medical office suites ranging from 1,100 to
10,000 square feet. The park is well positioned in the University area near the intersection and Mallard Creek and Mallard
Creek Church Roads. Full-service lease rates
start at just $18.50 per square foot. We also
would like to welcome Premier Spine Pain
and Rehabilitation, our newest tenant at
Mallard Crossing Medical Park, who has
taken 3,729 square feet.

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Cotswold Medical Center

As you may have noticed, Cotswold Medical

Cotswold Medical Center

309 S. Sharon Amity Road, Charlotte
38,000 SF Class A office building

Center has just installed a new monument

sign on Sharon Amity. In addition, the
building is pleased to announce the following practices that have signed new leases in
the building. Queen City Gastroenterology
and HepatologyDr. Ben Ogunwale has
moved into 2,358 SF in March, Synergy
Chiropractic has leased 1,234 SF as of January, and Ability Prosthetics and Orthotics
will occupy 3,200 SF by August.

The building still has a prime 1,300 SF

first floor suite for lease.
Other practices in the building include
Cotswold Family Practice, Carolina Prosthodontics and Mecklenburg Neurology.
Cotswold Medical Center is a 38,000 SF
Class A medical office building located
near the intersection of Randolph Road
and S. Sharon Amity. Cotswold Medical
Center is professionally leased and managed by Brackett Flagship Properties.

We are developing!
Christenbury Town Center: A ready made market for medical
Christenbury Town Center is situated on the edge of a vital, dynamic new
area which encompasses southern Cabarrus County and all its amenities.
Located in a master-planned community of four distinct residential villages set on
255 acres. Designed to be reminiscent of the English countryside, Christenbury
Village creates an exceptional lifestyle with numerous amenities, including a pool,
tennis courts, lush English gardens, parks, trails, lake, shopping, and homes prices
from the $220,000s to nearly $1 million.

Phase One - 24,000 Square feet of medical office space.

For more information, contact:
Diane Rivers | 704.971.7270 | diane@brackettflagship.com

Lake Medical Plaza - Cornelius

Lake Medical Welcomes New Practices

Located at 19620 W. Catawba Avenue in
Cornelius, Lake Medical Plaza would like
to welcome Dr. Rashid Buttar with the
Center for Advanced Medicine and Clinical Research, Dr. David Nowicky, of
Nowicky Plastic Surgery. We are pleased
they have selected Lake Medical Plaza for

their offices. The building still has a 2,623

SF space that is ideal for a physical therapy
office, as well as 1,439 SF that is will suited
for a administrative and billing offices. The
building is well-positioned between Presbyterian HospitalHuntersville and Lake
Norman Regional Medical Center.

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Park Medical Huntersville Welcomes C.U.P.

Park Medical Plaza is a premier

Park Medical Plaza

9735 Kincey Ave., Huntersville, NC

60,000 SF, Class A medical office

building at the footsteps of Presbyterian Hospital Huntersville. Carolina
Urology Partners, the recently
formed 36 physician urology group,
has just opened their administrative
and billing offices in 7,500 SF. They
are also building out a space for a CT
Scan which should be open shortly.

Q&A with Reed Griffith

Q: I have a lease expiration date
on the horizon; how soon should I
start considering my options?
A: It is never too early to begin the process.
Having ample time to evaluate the market
will allow you to properly make the most
strategic decision for the practice. If you
wait too long, you will not have ample time
to effectively negotiate your options. If you
are considering a new build out, you need to
allow 4-6 months for this process, from the
time you sign a lease. On average, we advise our clients to begin the process 6 to 12
months from their lease expiration date.

Q: If I simply want to renew my

existing lease, do I need a real
estate broker?
A: This tends to be a common misconception amongst medical practices. We strongly believe it is just as important to engage a
real estate broker to assist with the renewal
process as it is when you sign a new lease.
Rental rates commonly escalate to above
market rates over the term of a lease. As

In addition to Carolina Urology, other

practices in the building include Carolina Neurosurgery and Spine Associates, Lake Norman Neurology and
Metrolina Nephrology. Park Medical
features a mobile MRI pad for tenants
use, on-building signage and excellent
access to the hospital. Spaces are
available for sale as office condos or
for lease.

Common questions received from clients

in light of recent market conditions:

medical office specialists, we are vastly

aware of current market conditions and
available options. We help our clients negotiate all facets of the lease renewal, including rate, refurbishment allowances, operating expense and real estate tax pass
throughs, rent abatement and other lease
options that are available to a practice.

Q: Given the changes in the economy in recent years, how has the
local healthcare real estate market
changed?
A: In general, the Charlotte medical office
market has remained healthy. Occupancy
rates remain fairly high and we have not
seen a major decline in rental rates. However, it is still very much a tenants market.
Savvy practices that have strategically
planned long term have been able to save
significant dollars on their lease costs. On
average, we have helped save our clients
10% to 20% on their lease overhead over
the last 12 months through our expertise
and knowledge of the market.

On average, we have helped save

our clients 10% to 20% on their
lease overhead over the last 12
months through our expertise and
knowledge of the market.

Q: What is your fee?

A: This is a question we hear frequently,
and the answer is, there is no out of pocket
cost to the practice for our services. Most
landlords have already budgeted a commission into any vacancies they have, so they
expect our involvement.

To discuss your commercial real estate

needs please contact either Reed Griffith or
Tiffany Slayden at 704-442-0222 or
Reed@brackettflagship.com
Tiffany@brackettflagship.com

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Contact our expert health care real estate

Recent Deals

leasing team for more information:

At Brackett Flagship Properties

April 2011
Brackett Flagship represented the owner, Health Care REIT,
in the recent lease of 7,500 SF to Charlotte Eye, Ear Nose
and Throat Associates at the Park Medical Center, located
adjacent to Carolinas Medical Center Pineville.
Brackett Flagship Properties represented Carolina Digestive
Health Associates in their recent lease of 5,163 RSF at 3541
Randolph Road in the Randolph Medical Park. The new
office will serve as the primary administrative and billing
office for the practice.

Tiffany B. Slayden
Vice President
704-971-8906
tiffany@brackettflagship.com

B. Reed Griffith
Partner
704-971-8908
reed@brackettflagship.com

Queen City Gastroenterology Dr. Ben Ogunwale, has

opened a 2,358 SF office at Cotswold Medical Center in
Charlotte.

Tiffany serves as Brackett Flagship

Properties Vice President of Sales
and Leasing. Prior to joining Brackett Flagship Partners, Tiffany spent
14 years in office and medical leasing for First Colony Corp, Trammell Crow Company and Trinity
Partners as the Vice President of
Investment Sales. She specializes
in commercial office leasing and
sales and specifically medical brokerage. Tiffany graduated from
Duke University with a B.A. in
Economics and has held the CCIM
designation since 1997 as well as
received the Charlotte Regional
Commercial Board for Realtors
Million Dollar Club Award for 7
consecutive years. She is licensed
to practice real estate in North
and South Carolina.

Reed is a Partner with Brackett

Flagship Properties and focuses his
efforts in the leasing and brokerage department. His primary responsibility is the leasing and brokerage operations of Brackett
Flagship Properties medical and
office portfolio. Additionally, he
specializes in third party landlord
and tenant representation services. Prior to the 2010 merger,
Reed spent 10 years with Brackett
Company in the leasing and brokerage department. During his
tenure at Brackett, he completed
over 200 transactions totaling
nearly 100 million dollars for his
clients. Reed is a Clemson University graduate and is licensed to
practice real estate in North and
South Carolina.

Brackett Flagship Properties represented Surgical Specialists

of Charlotte in their recent lease renewal for 9,076 SF at the
Midtown Medical Plaza, located at 1918 Randolph Road in
Charlotte.
Ability Prosthetics and Orthotics, Inc. has signed a lease for
3,202 RSF at 309 S. Sharon Amity the Cotswold Medical
Center.
Quest Diagnostics Clinical Laboratories, Inc has signed a
lease at 3541 Randolph Road in the Randolph Medical Park
for 1,000 RSF. Tiffany Slayden of Brackett Flagship represented Quest in the lease transaction and Jennifer Brotherton of Cogdell Spencer Erdman represented the landlord.
Brackett Flagship represented Carolina Heart Specialists,
who recently opened a new Rock Hill office in 2,500 SF at
Piedmont Professional Park, located across the street from
the hospital.
Dr. James Antezana of South Charlotte General & Vascular
Surgery has opened a 1,624 SF office on the first floor of the
Park Medical Center in Pineville, located at 10512 Park Road.