Brown Investment Properties and Flagship Capital Partners Join in Medical Office Building Acquisition
September 28, 2009

Greensboro, NC and Charlotte, NC – Brown Investment Properties, Inc. and Flagship Capital Partners, LLC are pleased to announce that they have closed on the acquisition of the Wesley Long Professional Building located at 510 North Elam Avenue in Greensboro, NC.

The Wesley Long Professional Building is a three-story, 39,000 square foot multi-tenant medical office building located adjacent to 175-bed Wesley Long Community Hospital. The hospital is a part of the Moses H. Cone Memorial Health System based in Greensboro.

The property was purchased from the Cone Health System by a partnership led by Brown Investment Properties, Inc. of Greensboro, NC and Flagship Capital Partners, LLC of Charlotte, NC.

Jim Rogers represented Flagship Capital Partners and Cooper Willis arranged financing through RBC Capital Advisors with NewBridge Bank of Greensboro. Brown Investment Properties will provide leasing and property management services for the medical office building.

“Brown Investment Properties, Inc. has had the honor and privilege of providing management and leasing services for the previous owner, WLCHS POB, since 1994 and looks forward to providing these services for the new venture led by Flagship”, commented Chester Brown III of Brown Investment Properties.

"We are excited to partner with Brown Investment Properties to add the Wesley Long Professional Building to our growing portfolio of high-quality healthcare assets in the southeast. The building’s ideal location and proximity to the hospital and surrounding neighborhoods made this an attractive opportunity”, said Bill Transou, Chief Investment Officer of Flagship Capital Partners.
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Brown Investment Properties Inc, a family owned company formed in 1960 in Greensboro, NC is a full service commercial real estate company offering brokerage, property management, construction and development management services. The company's primary market is the Piedmont Triad but also maintains a presence in NC, SC, TN, and VA. www.bipinc.com.

Flagship Capital Partners, LLC is a private real estate firm specializing in investment real estate. Having completed approximately $450 million in transaction volume since February 2005, our primary emphasis is on acquisition and management of income-producing real estate in the United States with a focus on office and medial office properties. Flagship Capital Partners is a leader in creating innovative deal structures to meet the needs of private real estate investors.