Anchor Health Properties Acquires A Class A Medical Office Building In Nashville

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Anchor Health Properties, 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 two story, 29,738 square foot Class A medical office building located in the growing Antioch / Airport South submarket of Nashville, Tennessee.

The asset was acquired through a joint venture with an institutional equity partner.

Strategically located in a dense commercial and retail corridor, the facility at 330 Wallace Road features proximity to TriStar Southern Hills Medical Center, a 126-bed comprehensive facility offering a variety of acute care services and is within seven miles of downtown Nashville.

Constructed in 2006, comprehensive renovations were completed in 2020, including new HVAC units, landscaping and stie improvements, updated signage, and other mechanical and cosmetic enhancements.

The MOB is 84% occupied by a desirable roster of clinical medical tenancy, including Nashville Gastroenterology & Hepatology, a renowned local practice providing diagnostic gastroenterology and endoscopy services and Sanitas Medical Center, a national provider of primary care and urgent care services with more than 50 locations. A wholly-owned subsidiary of Keralty, a global health organization, Sanitas Medical Center is also partnered with Blue Cross Blue Shield (Moody’s Baa1) in Tennessee.

The anchor tenancy is joined by an additional synergistic mix of clinical services, including an imaging clinic operated by Nashville Pain and Wellness, orthopedics, rehabilitation, and dentistry.

“Advantageously situated in close proximity to TriStar Southern Hills Medical Center, we view this asset as a core, long-term holding of ours and look forward to supporting the best in class clinical medical tenancy there,” shared James Schmid, Chief Investment Officer and Managing Partner with Anchor. “As we join the neighboring community, this asset represents our sixth acquisition in Tennessee and our second significant investment in recent months as we continue to build scale across the broader Nashville MSA, which is one of Anchor’s largest markets by square feet managed. Our local office now offers ten team members with a healthy mix of experience across all of our platforms and as we continue to expand our ‘boots on the ground’ presence here, we expect to be investing more heavily in the MSA as well.”

Leading the acquisition process, Albert Lord, Investment Associate with Anchor, echoed Mr. Schmid’s sentiments, “This transaction further expands our footprint in the high growth Nashville market. The property offered an attractive opportunity to invest in a recently renovated facility in a location with desirable demographics, and to begin long-term relationships with highly respected physician groups. It was a pleasure working with all parties involved, including our partners at Harrison Street, CBRE Nashville, and Capital One. We’re excited to see the success of this investment and its tenants over time.”

Frank Thomasson, First Vice President with CBRE provided sales advisory services on behalf of the Seller. 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.

About Anchor Health Properties

Anchor Health Properties is a national, full-service healthcare real estate development, management, leasing, and investment serving investors and health systems. Anchor takes a strategic approach to navigating the extremely competitive healthcare marketplace, considering multiple angles, such as retail drivers, customer experience, branding and efficiency of the project. We develop and manage projects across the United States that respond to the new landscape of employed physicians, team-based care, the need to optimize assets and reduce duplication, and the integration of care and technology. Anchor manages and leases seven million square feet of medical office space, inclusive of numerous projects under construction. Anchor maintains multiple offices nationwide and features 100 professionals in its ranks. Over the past five years, Anchor principals have acquired and/or developed more than $3 billion of medical real estate across the country. Healthcare today calls not only for new and more efficient ways of delivering outpatient services, but also a different kind of healthcare development and management company. For more information, visit: www.anchorhealthproperties.com.

 

Source: HREI

New Easterly Government Properties JV To Invest $636M In 1.2M Square Foot Portfolio

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The acquisition is set to be via a joint venture Easterly is forming with an unnamed major international investor that will close on the properties as they are developed.

The JV is expected to pay about $635.6M for the assets, which are mainly leased by the VA for 20 years each.

“This partnership expands our ability to execute on our external growth strategy by enhancing and diversifying our cost of capital,” Easterly Chief Financial Officer and Chief Operating Officer Meghan Baivier said in a statement.

A VA clinic in Lubbock, Texas, which is part of the portfolio that Easterly Government Properties is acquiring via a joint venture. (PHOTO CREDIT: Easterly Government Properties)

Easterly will retain a 53% stake in the JV while its partner will own 47%. Easterly will be responsible for the day-to-day management of the properties and receive asset management fees from its partner. The JV has already closed on the acquisition of two of the portfolio’s 10 properties, which are currently operating. The buyers expect to close on the remaining eight properties by the end of 2023 as they are completed and leased.

The two completed facilities are a 120K SF clinic in Lubbock, Texas, and a 31K SF facility in Lenexa, Kansas, both of which provide primary and specialty care services, such as audiology, dentistry, pathology and lab services. The other facilities will be in Alabama, Arizona, Florida, Georgia, Tennessee and Texas.

“Each new facility will enable the VA to expand its current services in its respective market by replacing smaller existing clinics or supplementing existing facilities,” Easterly said.

Not counting the new acquisition, the Washington, D.C.-based Easterly owns 83 properties nationwide totaling about 7.6M SF, including 81 properties leased to U.S. government tenant agencies and two leased to private tenants. As of Q2, the company is also at work on redeveloping a 200K SF property in Atlanta that will be leased to the Food and Drug Administration.

 

Source: Bisnow

Blueprint Closes On Portfolio Consisting Of Seven Medical Office Buildings Spanning Six States

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Hired by a public REIT, Blueprint’s MOB team successfully marketed the portfolio through a national process and found the right buyer for their client

The portfolio consisted of medical office properties ranging in size and spread throughout the country including Colorado, Texas, Pennsylvania, Georgia, Indiana, and Wisconsin, showcasing Blueprint’s ability to provide national expertise

Blueprint’s MOB team showcased their creative approach through deep localized analysis and created a realistic path to stabilization for each asset

The sale emphasizes the growing market of buyers seeking high growth investment opportunities amidst the current low cap rate and high-cost development environment.

 

Source: HREI