FOR IMMEDIATE RELEASE
July 19, 2021
(Seattle, WA) Anchor Health Properties (Anchor), a national full service healthcare real estate development, management, and investment company focused exclusively on healthcare facilities, recently acquired a nearly 60,000 square foot Class A medical office building in the Renton submarket of Seattle, Washington. Now one of the five largest non health system owners of medical office buildings in the Seattle MSA and the only privately held company in that group, the area is one of the largest investment markets for Anchor in the US with more than 300,000 square feet of owned and managed space. Strategically designed as a premier campus adjacent MOB, the asset was acquired through a joint venture between its co-managed equity fund, Chestnut Healthcare Fund II, and funds managed by global investment firm Carlyle (NASDAQ: CG).
The only off-campus MOB to be constructed in the submarket during the past fifteen years, IDC Medical Plaza is positioned at 1412 SW 43rd Street and is proximate to Valley Medical Center, the sole acute care hospital in Renton operated by UW Medicine and featuring 321 beds. Constructed in 2005, the asset is anchored by Northwest Eye Surgeons, a well-established ophthalmology group that has been serving the Seattle area since 1986 and who operates a surgery center within the building. The optometric physicians and ophthalmic surgeons are joined by complementary anchor tenancy – Providence Health (Moody’s Aa3) – which is one of the largest health systems in the US. Other key services in the building provided by strong regional medical groups include oncology, cardiology, primary care, laboratory services, and behavioral health – creating a synergistic tenancy mix with strong cross referral opportunities.
“The City of Renton has been underserved on quality medical space due to rising development costs and subsequent increase in clinical rental rates,” shared James Schmid, Chief Investment Officer and Managing Partner with Anchor. “This acquisition is a testament to the creativity and perseverance of our investment platform and the strength of our institutional capital capabilities. The IDC Medical Plaza hits the main criteria we look for in an investment – high visibility, stable regional tenancy, excellent patient accessibility, and physician and patient convenience. We are looking forward to building our long-term relationship with Providence Health, Northwest Eye Surgeons, Ready Med Pharmacy, Evergreen Treatment Services, and other building tenancy.”
Elliott Sellers, Vice President and Partner with Anchor added, “This acquisition continues our targeted focus for investments in the Seattle MSA. The previous ownership group was an excellent steward and established the building as an essential component of community care. Offering a strong network of healthcare providers and a diverse employment base, we intend to continue to grow our presence in the area and value our role in supporting high-quality healthcare services to the community in the future. Very few medical transactions trade in the Seattle MSA each year, and working diligently over the past 18 months, the Anchor investments team was able to facilitate a transaction in this high barrier to entry market.”
Steve Perovich and Marcus Yamamoto with CBRE Healthcare (Seattle) provided advisory services on behalf of the Buyer and Capital One provided debt financing. Anchor Health Properties will also 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 more than 80 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, please visit: www.anchorhealthproperties.com.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $230 billion of assets under management as of September 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 30 offices across six continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
Contact: Rachael Hall, Anchor Health Properties
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