USAA Real Estate Company and Brackett Flagship Venture Announce Acquisition of Norfolk, VA Medical Office Building
A venture comprised of Brackett Flagship Properties and USAA Real Estate Company has acquired DePaul Medical Plaza, an approximately 100,000 square foot LEED Silver Certified, Class A medical office building located within the Bon Secours DePaul Medical Center campus just north of downtown Norfolk, VA. The acquisition is the tenth for the joint venture since its formation in 2015.
Delivered in 2014, the property is situated on campus across from the entrance of Bon Secours DePaul Medical Center, a faith-based hospital that was originally opened as St. Vincent DePaul in 1856 to serve the health needs of the greater Hampton Roads community. At just over 64% occupancy, the property offers prospective 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.”
The building’s current tenancy is comprised of Bon Secours Oncology Specialists, run by the renowned team of Drs. Judith Blevins, MD and Bradley Prestidge, MD., 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.”
Lendlease has been retained for on-site property management, with building leasing provided by Perry Fraser in CBRE’s Norfolk office.
About USAA Real Estate Company
USAA Real Estate Company was founded in 1982 as the real estate investment arm of USAA. With approximately $15 billion in assets under management, the company provides co-investment asset management services to U.S. pension funds, as well as to foreign and domestic institutional investors. USAA Real Estate Company also provides capital to partners for development. The portfolio consists of office, medical office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. Our commitment to service and integrity reflects the core values put in place 93 years ago by our parent company, a trusted worldwide insurance and financial services organization. More information available at www.usrealco.com.
About Brackett Flagship Properties, LLC
Brackett Flagship Properties, LLC is a full service healthcare real estate firm focused on the Southeastern US. Brackett Flagship provides its hospital and physician partners a full range of options and services, including capital investment for acquisitions and development through its partnership with USAA Real Estate Company. The company manages more than 65 properties totaling more than 2 million square feet, in 6 states across the Southeastern US. For further information, visit www.brackettflagship.com.