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Anchor Health Properties Strategically Expands Seattle Area Investment Portfolio with a 40,000+ Square Foot Off Market Acquisition

Continuing a banner year of robust growth to the Company’s investment portfolio, Anchor Health Properties (Anchor), a national, full service healthcare real estate development, management, and investment company focused exclusively on healthcare facilities, has recently closed on the acquisition of a 41,311 square foot Class A medical office building located in the desirable Auburn submarket of Seattle, Washington. The asset was acquired through a joint venture with an existing institutional equity partner.

Actively building its portfolio in the Seattle MSA, this asset is Anchor’s second investment with MultiCare Health (Moody’s Aa3), one of the premier health systems in the area, and builds on the Company’s strategic theme of aligning with top health systems. Located 28 miles south of downtown Seattle and 14 miles northeast of downtown Tacoma, 121 North Division Street is situated on the campus of the MultiCare Auburn Medical Center, a highly strategic 131 bed hospital serving south King County.

Constructed in 2009, the health system utilizes the building for comprehensive cancer treatment (including an on site linear accelerator), orthopedics, sports medicine, neuroscience, sleep medicine, pulmonary, plastic reconstructive surgery, and a high complex oncology lab. As the anchor tenant and occupying more than 90% of the facility for more than ten years, MultiCare has created a highly synergistic referral environment with the numerous, complementary on-campus specialty practices. The Auburn Medical Center campus has received significant investment from MultiCare Health over time, including an enhanced emergency department, and inpatient beds.

“As we continue to develop a fruitful relationship with MultiCare, one of the dominant health systems and market leaders in the Seattle MSA, we are delighted to make this investment and take on management of the facility,” shared James Schmid, Chief Investment Officer and Managing Partner with Anchor. “Our continued growth trajectory in this market is bolstered by the recent addition of HRE veteran, Dave Baker, to our development team as we build on our strong and growing presence in the region and deepen our relationships with outstanding local providers. We continue to believe that healthcare real estate in the US has proven its resilience before and during the pandemic and this acquisition represents an excellent opportunity for us to enhance the MOB’s performance through our full-service platform.”

Anchor’s Vice President of Investments, Elliott Sellers, led the acquisition process. Mr. Sellers added, “This deal strongly aligns with our investment criteria focused on high-quality real estate in robust growth markets featuring desirable demographics and anchored by strong regional tenants, such as MultiCare Health. The purpose-built, on-campus MOB is strategically located on a high growth hospital campus with excellent long term viability. Anchor is climbing the ranks of top owners in the Seattle market with a total of seven medical office buildings across the Puget Sound region and is the fourth largest non-health system landlord in terms of number of properties.”

Will Frame and Drew Frame with Kidder Matthews provided sales advisory services in an off market capacity. As the new owner of the facility, Anchor Health Properties will provide go forward asset, and property management services at this location.


Thank you for your interest in Anchor Health Properties. If you have any questions or would like to speak with a member of our team, please contact one of our offices or submit the form below to discuss your healthcare facility needs. We look forward to hearing from you.

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Charlottesville, VA 22902

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