BGO and Anchor Health Properties strengthen their joint venture, acquiring 40,000+ sq. ft. medical outpatient building in MSA New York
BGO and Anchor Health Properties today announced the acquisition of Seymour Plaza. The Class A, 2-story, 40,785 sq ft, medical outpatient building in the Montclair, New Jersey submarket of the New York City MSA represents the second joint venture acquisition for the firms and expands their footprint in a region where demand for high-quality outpatient care continues to rise.
Strategically located at 1 Seymour Street, the Summit Health Montclair Hub features close proximity to Hackensack Meridian Mountainside Center, a 193-bed acute care hospital. Built in 2021, the facility was built to spec for Summit Health, one of the largest well-established independent provider groups nationwide and now part of VillageMD. Designed as a comprehensive multi-specialty hub, Seymour Plaza offers a wide range of services, including allergy and immunology, audiology, ENT, lab, OBGYN, pediatrics, primary care, bariatric surgery, colorectal surgery, general surgery, imaging, orthopedics, podiatry, pulmonology, and thoracic surgery. The property features more than 60 exam rooms supporting multiple service lines, and a five-story parking garage provides convenient on-site parking for patients and visitors.
“We are pleased to partner with the Anchor Health Properties team, whose specialized expertise in the medical office sector aligns seamlessly with BGO’s strategy of acquiring high-quality outpatient medical office buildings in affluent, high-growth markets,” said Dara Friedman, Managing Director and Portfolio Manager, BGO. “With our U.S. medical office portfolio nearing $400 million in AUM, this joint venture strengthens our presence in the sector and supports our mandate to deliver long-term value to investors across the breadth of BGO’s investment strategies.”
“Adding this asset to our portfolio reinforces our strategic focus on high-quality, mission-critical outpatient facilities in top-performing markets, such as the New York MSA,” shared Elliott Sellers, Senior Vice President, Investments & Partner. “We are proud to align with leading providers, such as Summit Health and support their mission of delivering exceptional patient-centric care across the region. As capital markets continue to stabilize, our ability to strategically source and close on high-performing outpatient assets underscores both our conviction in the sector and our strong execution capabilities.”
The CBRE team of Jeffrey Dunne, Doug Rodio and Travis Langer in collaboration with Brannan Knott and Chris Bodnar of CBRE’s U.S. Healthcare Capital Markets represented the seller. Anchor Health Properties will provide go forward asset and property management services to the joint venture for this investment.