SEATTLE — A partnership between Elliott Bay Capital Trust (“Elliott Bay”), a real estate investment company focused on essential healthcare properties, and its partner Pantheon, a leading global private markets investor, today announced it has acquired three net leased medical outpatient properties in separate transactions located in Allentown, PA, Mt. Joy, PA and Braselton, GA. The properties are fully occupied by leading healthcare providers offering essential, specialty services to their communities.
The Allentown property is home to the Lehigh Valley Orthopedic Institute, a 66,314-square-foot, state-of-the-art orthopedic medical campus fully leased to Lehigh Valley Health Network, now part of Jefferson Health. Strategically located on the west side of Allentown—proximate to the system’s flagship hospital— the facility offers exceptional regional connectivity. Situated just off I-476 near the convergence of three major highways, the campus provides seamless access to downtown Allentown and the broader Lehigh Valley region.
The Mt. Joy property is a 15,790-square-foot, purpose-built outpatient medical facility fully leased to Penn State Health for orthopedic services. Strategically positioned along a high-traffic corridor in a vibrant and expanding market, the property benefits from strong regional growth and proximity to major healthcare infrastructure. Notably, the newly constructed $375 million Penn State Health Lancaster Medical Center is located nearby and enhances the property’s long-term strategic value.
The Braselton property is a 23,479-square-foot, purpose-built outpatient medical facility constructed in 2018 and fully leased to six leading regional providers. Located less than a mile from the $565 million expansion of Northeast Georgia Medical Center, the facility anchors a thriving medical corridor along Old Winder Highway. Surrounded by growing residential and retail development, the property offers a complementary mix of essential services—including primary care, ophthalmology, internal medicine, women’s health, and physical therapy—serving the fast-growing greater Atlanta market.
“These acquisitions reflect our continued commitment to investing in high-quality, needs-based medical facilities in growing communities,” said Christian Whipple, CEO of Elliott Bay. “Each property is anchored by leading healthcare providers offering essential, specialty care that meets rising demand in their respective markets. As we grow our portfolio, we remain focused on partnering with providers that deliver critical services and support the long-term health of the communities they serve”.
About Elliott Bay Capital Trust
Elliott Bay Capital Trust (www.elliottbaycap.com) is an integrated real estate investment platform based in Seattle, WA that acquires and manages healthcare properties across the U.S. Founded in 2013, Elliott Bay manages a diversified portfolio of outpatient medical properties nationwide leased to leading health systems, national sector-leading companies, and regional care providers. Elliott Bay aligns with its healthcare provider partners to help unlock economic value and enhance operating flexibility while creating long-term value in each of its real estate investments.
About Pantheon
Pantheon (www.pantheon.com) has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments. Pantheon has partnered with more than 650 clients, including institutional investors of all sizes as well as a growing number of private wealth advisers and investors, with approximately $70.8bn in discretionary assets under management (as of September 30, 2024). Pantheon’s dedicated real estate strategy was established in 2021 and focuses on partnering with specialized owner-operators to provide comprehensive capital solutions in needs-based property sectors that benefit from strong secular tailwinds and that offer defensive characteristics across market cycles.
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