Anchor Health Properties Expands Philadelphia Area Presence with Two Building Portfolio Acquisition
Anchor Health Properties (Anchor), a national full-service healthcare real estate development, management and investment company focused exclusively on medical facilities, has recently closed on the acquisition of two strategic outpatient medical office buildings in suburban Philadelphia. With well over one million square feet of medical office space managed and/or under development in the Philadelphia area, Anchor Health Properties is the largest medical office landlord in the region.
Anchor’s CEO Ben Ochs noted, “Philadelphia continues to be among the most strategic investment and development markets for the Anchor platform in the country. Our largest concentration of management personnel has long been based in the market, which helps provide scale and resources to expand our relationships with health systems and medical tenancy in the region.”
Anchor acquired two outpatient medical office buildings located at 2010 and 2050 West Chester Pike in Havertown, PA. The properties are located directly off the intersection of I-476 and Route 3, allowing them to service many points west and north of the City of Philadelphia. Crozer Keystone Health System functions as the anchor tenant, operating an ambulatory surgery center and a Cyberknife facility within the buildings. The balance of the tenancy includes best in class regional primary care and specialist medical tenancy. The campus is one of the few clinical medical locations servicing the Havertown/Broomall/Newtown Square submarket that can accommodate standard clinical medical tenancy.
Anchor has a multi-year redevelopment plan for the buildings that will fall under the leadership of the Company’s development and property management teams and be spearheaded by Anchor’s Senior Director of Construction, Eric Forbes; Senior Vice President of Asset Management, Jeff Zaleon; and Vice President of Property Management, Jill Higgins. Anchor and its institutional equity partner, the Carlyle Group, will invest several million dollars into updating each of the two buildings, bringing them up to a best in class standard and expanding the efficiency of each site. The improvements will allow Crozer and other tenancy the opportunity to expand and prosper over time and facilitate best in class treatment for area patients in a modernized medical setting.
Anchor’s Chief Investment Officer, James Schmid stated, “I am thrilled for the opportunity to invest in my hometown, having grown up in Marple Township. These buildings provide a mission critical service to the local community, and I am proud that the Anchor platform can take over ownership and bring enhancements to patient care and tenant experience at these locations. Anchor’s existing local market presence and relationship-centric approach give us the ability to hit the ground running and immediately commence the process of building modernization.”
CIT provided debt financing on the transaction as a key investment partner for the Anchor platform. HFF LP advised the seller on the sale of the assets to Anchor and Carlyle.