FOR IMMEDIATE RELEASE
December 13, 2021
(Orange County, CA) Strategically expanding the Company’s Los Angeles MSA presence, 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 38,242 square foot Class A medical office building located in the Brea submarket of Orange County in Southern California. The newly constructed and best in class asset was acquired through a joint venture with Harrison Street, a leading investment management firm exclusively focused on alternative real assets.
Developed in 2018 as part of Central Park Village, a 16 acre master planned community on the former Brea community hospital campus, the MOB was constructed as a modern replacement of the hospital’s legacy outpatient ambulatory buildings. Featuring an active referral ecosystem with primary care specialties driving patient volume to other high margin specialty services, 380 West Central Avenue is anchored by CareMore Health System, a subsidiary of Anthem Inc (Moody’s A2), First California Physician Partners, a subsidiary of Tenet Healthcare / Placentia-Linda Hospital (Moody’s B2), and United Medical Imaging.
“At our core, we are focused on building relationships and serving as a trusted real estate advisor to our tenants and clients,” shared James Schmid, Chief Investment Officer and Managing Partner with Anchor. “With more than 35 years in the healthcare real estate industry, we offer unique, institutional quality capabilities supported by a fully integrated platform. As we continue to thoughtfully and strategically target specific markets and properties, such as the Brea MOB, we are well positioned to create additional value to our tenants through operational efficiencies as well as realize previously untapped potential in the assets themselves.”
Operating as one of the medical tenants on the legacy Brea hospital campus, CareMore uses this location as one of its primary care branches with a focus on senior care. The regional health system is complemented by First California Physician Partners, a non-profit medical clinic, who also provides primary care services at this location. These two anchor tenants are joined by United Medical Imaging, a regional imaging clinic, who offers a comprehensive imaging suite inclusive of CT, MRI, ultrasound, and X-ray services at this facility. The balance of third-party tenancy is comprised of multi-specialty practices, including oral surgery, ophthalmology, and plastic surgery.
As one of the top facilities in the direct submarket, several existing clinical providers relocated from other facilities in the area to this location to benefit from the Class A quality infrastructure and interior finishes.
Leading the acquisition process and sourcing the opportunity, Anchor’s Vice President of Investments & Partner, Elliott Sellers, also noted, “We are excited to add this modern, Class A MOB to our growing Los Angeles/Orange County MSA and Western US portfolio. In 2021, the Anchor team has closed over a dozen separate transactions across the West Coast, our most active investment geography in the US at present. We expect this growth trend to continue into 2022, particularly in Southern California markets. The history of the Brea site demonstrates a dynamic redevelopment of a former bankrupt hospital into a flourishing mixed use, master planned community – a culmination of a 10+ year process led by JH Real Estate Partners. We are pleased to be part of the legacy of providing primary and specialty care services to the surrounding community from this location. Having pursued this opportunity for more than two years, the Brea acquisition is another example of our team’s ability to consistently generate off market investment opportunities for our platform and the trust from the healthcare real estate community. We have a growing national relationship with the Colliers healthcare team who entrusted us to execute in a short timeline and are appreciative of the opportunity to transact in an off market fashion.”
John Wadsworth with Colliers provided sales advisory services on behalf of the Seller and Michael Lipton with Colliers provided sales advisory services on behalf of the Buyer. Capital One provided debt financing services. 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, please visit: www.anchorhealthproperties.com.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with offices in San Francisco, London and Toronto, the firm has more than 200-employees and approximately $39 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last seven consecutive years and was named 2020 Global Alternatives Investor of the Year by PERE. For more information, please visit www.harrisonst.com.
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Contact: Rachael Hall, Anchor Health Properties
rhall@anchorhealthproperties.com; 434-293-8004
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