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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

Montecito Medical Real Estate Acquires MPoA Medical Office Portfolio

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Montecito Medical Real Estate, a premier owner of medical office properties throughout the U.S., has completed the acquisition of six medical office buildings that were part of the portfolio of Medical Properties of America (MPoA).

The six properties span four states and include:

• Four facilities operated by Outpatient Imaging Affiliates (OIA) in Nashville, TN; Knoxville, TN: Madison, AL; and Wake Forest, NC.

• Clarksville Surgery Center in Clarksville, TN.

• Hartmann Commons in Lebanon, TN

Altogether, the properties that Montecito acquired from MPoA involve more than 80,000 square feet.

“As a company, we have been super active in seeking out and evaluating prime medical office properties at a time when many buyers have pulled back from the market,” said Chip Conk, CEO of Montecito Medical Real Estate. “You can see the fruit of our efforts in an acquisition like this, involving an outstanding group of medical office assets.”

The four MOBs in the OIA portfolio, which total 51,621 square feet, are 100% leased to Outpatient Imaging Affiliates, the ninth-largest operator of non-hospital imaging facilities in the US. The facilities were constructed between 1984 and 2000, with substantial investments in capital improvements and systems upgrades since 2012.

The Clarksville Surgery Center is a fully leased, 12,656 square-foot freestanding ambulatory surgical facility involving a partnership between United Surgical Partners International (USPI) and St. Thomas Health System. The center is strategically located in a fast-growing market located one hour northwest of Nashville near the Tennessee-Kentucky border.

Hartmann Commons is a one-story, 15,907 square-foot medical office building Lebanon, TN, a growing exurb east of Nashville. The building, constructed in 2013, is anchored by Tennessee Oncology, one of the nation’s largest community-based cancer care specialty groups.

 

Source: HREI