Los Angeles, CA, July 8, 2022 — Expanding upon its nearly one million square foot owned and managed portfolio across Southern California, Anchor Health Properties (“Anchor”), a national, full-service healthcare real estate development, management, and investment company focused exclusively on healthcare facilities, recently closed on a fully renovated, 30,000 square foot outpatient medical office building (“MOB”) in the Westlake Village submarket of Los Angeles. The asset at 3180 Willow Lane was acquired in an off market execution via a joint venture with institutional equity partner Harrison Street, a leading investment management firm exclusively focused on alternative real assets.
Originally constructed in 1987 and fully renovated in 2019 by the current ownership, the facility is strategically located with close proximity to both Los Robles Regional Medical Center, a 341-bed inpatient acute care hospital as well as West Hills Medical Center, a 236-bed inpatient acute care hospital. The asset is anchored by two preeminent local practices – Dougherty Laser Vision, who utilizes the building as a hub for coverage of Western Los Angeles to provide state of the art LASIK, cataract surgery, lens implants and other advanced vision correction, and Second Chance Hearing Center, a multi-site audiology practice that offers highly trained audiologists experienced in treating all ages – from pediatrics to geriatrics from this facility.
Well occupied by a synergistic mix of primary care and specialty clinical medical tenants, medical services at this asset include chiropractic, podiatry, dermatology, audiology, cardiology, dentistry, physical therapy, ophthalmology, and nutrition services. The tenancy ecosystem enjoys cross referrals from within the building as well as the neighboring hospitals, community, and sports training facility.
“Following on the heels of our Los Angeles MSA acquisitions this year, including ones in Brea, Beaumont, Beverly Hills, and Santa Monica, we are thrilled to have invested in another institutional quality MOB as we expand our presence in this top growth market as well as our operational staffing footprint,” shared James Schmid, Chief Investment Officer and Managing Partner with Anchor. “This asset fits squarely within our thesis of investing in well-located, state-of-the-art medical office buildings with excellent tenants that have long-term commitments to the property through their buildouts and leases. It complements nicely our owned medical office building across US 101 in Agoura Hills which we acquired earlier this year. We look forward to additional investments in this area later in the year.”
Leading the acquisition process, Ilya Hvostikov, Vice President of Investments with Anchor added, “Representative of our continued investment across Southern California, we are pleased to acquire this newly renovated asset while building relationships with premier private practices who deliver much needed primary and specialty care services to the surrounding community. Supported by the robust market fundamentals in the region, we anticipate our continued growth in this top market throughout 2022.”
James DeBuiser, First Vice President, Investments, with Marcus & Millichap provided sales advisory services on behalf of the Seller. Capital One provided debt financing services. As the new owner of the facility, Anchor Health Properties will provide go forward management services at this location. Anchor continues to expand its operating footprint across Southern California with recent staffing hires in property management and engineering to keep up with its growth there.
About Anchor Health Properties
Anchor Health Properties is a national, full-service healthcare real estate development, management, and investment firm serving investors and health systems. Leveraging our collective experience and resources, our nimble, and thoughtful team of professionals develop and deliver tailored, client-specific solutions to respond to today’s healthcare challenges – thinking outside the “medical office box.” With more than $1.5B of completed development projects, more than 8M square feet under management, and nearly $3B invested in stabilized healthcare facilities, Anchor continues to create a better healthcare experience for patients and a competitive edge for our clients. Anchor maintains multiple offices nationwide and features more than 100 professionals in its ranks. Healthcare today calls not only for new and more efficient ways of delivering healthcare services, but also a different kind of healthcare real estate 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, Toronto and Washington DC the firm has more than 200-employees and approximately $46 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 was awarded Best Places to Work by Pensions & Investments for seven consecutive years (2014-2020) and was recognized by PERE as the 2021 Alternatives Investor of the Year, North America and 2020 Global Alternatives Investor of the Year. For more information, please visit http://www.harrisonst.com
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