Anchor Health Properties Creates Immediate Scale with Off Market Transaction of Adjacent 9,500 Square Foot MOB in San Diego MSA
As the company continues to expand its multi asset, 1.5 million square foot owned and managed portfolio across California, Anchor Health Properties (Anchor), a national, full service healthcare real estate development, management, and investment company focused exclusively on medical facilities, recently closed on a 9,500 square foot Class A outpatient asset in the Eastgate and broader Chula Vista submarket of San Diego, California. The off market transaction was acquired through Anchor’s discretionary equity fund, Chestnut Healthcare Fund II, co-managed with Chestnut Funds.
Adjacent to an existing Anchor owned and managed facility at 955 Lane Avenue, 963 Lane Avenue is master leased to Sanderling Renal Services, a specialty care dialysis network based in Nashville, Tennessee with multiple locations across the United States. Built in 2006, the single story asset features high quality interior finishes with a modern exterior design and enjoys close proximity to Sharp Chula Vista Medical Center, the health system’s 349 bed flagship location in the southern San Diego MSA, and Scripps Mercy Hospital Chula Vista, a 173 bed acute care hospital.
“As we continue to seek out strategic, Class A medical office assets, the location and economics of this off market transaction made sense,” shared James Schmid, Chief Investment Officer and Managing Partner with Anchor. “This acquisition involved a prime, outpatient facility supported by an outstanding provider group that dominates the regional market in a key specialty healthcare service. Additionally, the proximity to other, complementary health system tenancy and the ability to leverage our existing company personnel and resources from the adjacent building enables us to create a dynamic ecosystem that benefits the physicians and their patients. This is a location where Anchor has deep experience investing as one of the largest non health system owners of medical office buildings in San Diego. We are pleased to have worked again with Synergy Orthopedics and Dr. Michael Lenihan on this disposition.”
The acquisition process was led by Robert Rumer, Investment Associate with Anchor who echoed these sentiments, “This Class A facility is an excellent addition to our growing portfolio of investments in premier medical office buildings in the San Diego MSA. Focused on pursuing stabilized MOBs located in areas of high growth and demand coupled with a premier, long term tenant, this transaction fit all of our team’s prerequisites and presented us with the opportunity to create scale in the immediate area while building upon our existing relationships within the market.”
Synovus Bank provided debt financing for the project. As the new owner of the facility, Anchor Health Properties will provide go forward property and asset management services at this location.