Anchor Health Properties Acquires a 21,502 Square Foot, Class A Medical Outpatient Building through an Off-Market Transaction
Furthering the company’s nearly one million square foot owned and managed portfolio in the Atlanta MSA, Anchor recently closed on a two-story, 21,502 square foot Class A medical outpatient building in the high-growth City of Athens, Georgia. The asset was acquired through an off-market transaction via a joint venture with an institutional equity partner.
Strategically located at 695 Chase Street, the facility sits adjacent to Piedmont Athens Regional Medical Center, a 360-bed facility with a Level 2 Trauma Center. Built in 1965 and fully renovated in 2024, the outpatient building is 100% occupied by Piedmont Athens Regional Medical Center, a subsidiary of Piedmont Healthcare (Moody’s A1), one of the largest health systems in Georgia. The second of a two-phase outpatient development adjacent to the hospital campus, Piedmont recently expanded within the building to offer a full suite of orthopedic services at this location.
Anchor also serves as owner and landlord to the adjacent sister building, located at 1010 Prince Avenue, that is also fully occupied by Piedmont. The properties benefit from sharked parking as well as cross-referrals from the adjacent inpatient hospital campus.
“The Atlanta MSA, and by extension Athens, remains central to Anchor’s national investments strategy and ranks as the firm’s second largest market, with approximately one million square feet under management,” shared Elliott Sellers, Senior Vice President, Investments & Partner. “This off-market acquisition involved a prime outpatient facility that supports Piedmont Health’s growing presence in the region, on the heels of its recently completed expansion of the Athens Regional hospital. This is a location where Anchor has deep experience investing as one of the largest non-health system owners of medical outpatient buildings.”
The acquisition was led by Andrew Antognoli, Investments Manager with Anchor who added, “This state-of-the-art facility furthers our investment strategy of partnering with premier health systems and top healthcare providers as we continue to identify attractive acquisition opportunities to grow our owned and managed portfolio in the Atlanta MSA. Our strong relationship with Piedmont, coupled with their role as the official healthcare provider for the University of Georgia Athletics, and the dynamic growth and potential of the Athens community were major considerations in our decision to continue investing in the area.”
As the new owner of the facility, Anchor Health Properties will provide go forward asset and property management services to the joint venture for this investment.