Anchor Health Properties Acquires a nearly 130,000 Square Foot Medical Office Building through an Off-Market Transaction
Anchor Health Properties (Anchor) has recently closed on the off market acquisition of a four story, 129,000 square foot best in region medical office building located in the greater Summerlin submarket of Las Vegas, Nevada. The asset was acquired through a joint venture including Anchor’s co-managed equity fund, Chestnut Healthcare Fund II.
The Parkway medical office building is strategically located between two of the major hospitals in southern Nevada, MountainView Hospital and Summerlin Hospital. The MOB sits at 7455 West Washington Avenue and is 100% occupied by a variety of medical tenants, creating a unique building ecosystem and a top destination for medical tenancy in the Las Vegas metro. Anchored by best in class regional medical tenants such as Nevada Orthopedic & Spine Center, a well-established regional specialty care practice comprised of fourteen renowned physicians offering orthopedic services, including foot and ankle, hip, knee, shoulder joint replacement, and sports medicine, and LMC Pathway Solutions, a subsidiary of Aurora Diagnostics and the sole provider of pathology services to some of the largest hospital systems in the Las Vegas metro.
Other notable tenants include ATI Physical Therapy, SimonMed Imaging, Sunshine Valley Pediatrics, and Nevada Heart & Vascular Center. Building service lines include synergistic services such as orthopedics, pain management, imaging, cardiology, physical therapy, primary care, pediatrics, sleep medicine, hormone therapy, and retina services.
“The Parkway is one of a handful of medical office buildings across the United States that Anchor has circled as top investment targets in markets that we focus on. We’ve been pursuing the acquisition of this asset for over five years, and things finally aligned to transact. We are very excited about the continued expansion of Anchor’s presence in the Las Vegas market and combined with our ownership of other area medical office assets, we have opened an office in the market with dedicated area personnel,” noted James Schmid, Chief Investment Officer and Managing Partner with Anchor. “As medical office buildings continue to be a sought-after property type by both investors, and debt and equity sources, we continue to be bullish with strategic off market investments in target US markets such as Las Vegas. Nearly all of Anchor’s transaction in 2021 have been acquired via off market or lightly marketed processes. The Parkway medical office building features critical high value service lines such as orthopedics and rehabilitation and offers a desirable location proximate to downtown Las Vegas, generating a vast patient base as well as benefiting from the enormous residential and workforce population within the surrounding community. This is a best in class regional asset.”
Leading the acquisition process, Ilya Hvostikov, Investment Manager with Anchor also shared, “Well established medical buildings, such as The Parkway, are an essential component of community care and we value our role in offering high-quality healthcare services to the community. The asset’s strategic location in a high growth submarket with best-in-class regional tenancy was attractive to Anchor as it hit a number of key points in our investment thesis. We are looking forward to building a long-term, mutually beneficial relationship with all of the top regional medical tenants who take space in the building.”
Capital One provided secured debt financing. As the new owner of the facility, Anchor Health Properties will provide go forward asset, and property management services at this location, and has hired on site personnel to oversee Anchor’s growing portfolio of medical office assets in Las Vegas.