The real estate investment firm Anchor Health Properties has expanded its property portfolio with the addition of four class-A medical office buildings (MOBs) totaling more than 210,000 square feet. Anchor Health is paying more than $100 million for the properties, or more than $475 per square foot, but the exact price was not specified. The assets were acquired through joint ventures with existing institutional equity partners in an off-market setting.
The portfolio includes University City Medical Office Building in Charlotte, North Carolina (66,525 square feet), NorthBay Medical Office Building in Fairfield, California (29,620 square feet), IDC Medical Plaza in Renton, Washington (59,155 square feet) and Vista Medical Plaza in Vista, California (54,703 square feet).
The University City MOB expands on Anchor’s existing market portfolio in Charlotte, featuring a heavy presence from Novant, which functions as the anchor tenant. The NorthBay MOB has two stories and is in close proximity to NorthBay Medical Center, Solano County’s largest and most comprehensive hospital campus featuring 183-beds and the county’s only formal trauma response center. Other tenants include NorthBay Healthcare and Retinal Consultants Medical Group. This is Anchor’s second major acquisition in the San Francisco MSA in the past 60 days.
As one of only two area MOBs to be constructed in the submarket during the past fifteen years, the IDC Medical Plaza is in proximity to Valley Medical Center, the sole acute care hospital in Renton, which is operated by UW Medicine and features 321 inpatient beds. The asset is anchored by Providence Health and an ambulatory surgery center operated by Sight Partners. Other tenants are focused on specialty care services, including pharmacy, oncology, cardiology, pharmacology, and behavioral health.
Vista Medical Plaza is strategically located adjacent to Tri-City Medical Center, a 320-bed hospital district campus serving North San Diego County, which features co-sponsorship from UC San Diego Health.
In addition to joining Anchor’s investment portfolio, the company will provide go forward asset and property management services as well as leasing services at these locations, growing Anchor’s nationwide property management portfolio to more than 7.5 million square feet. To date in 2021, Anchor has closed on more than $330 million of US medical office investments across 12 separate transactions, 10 of which have been off-market.
