SEATTLE — A partnership between Elliott Bay Capital Trust (“Elliott Bay”), a real estate investment company focused on essential healthcare properties, and its partner Pantheon (“Pantheon”), a leading global private markets investor, today announced it has acquired two medical outpatient properties in separate transactions, both located in Richmond, VA. The properties are occupied by leading healthcare providers offering essential, specialty services to their communities.
The first property is comprised of a 34,671-square-foot, mission-critical outpatient medical building fully leased and anchored by Pulmonary Associates of Richmond (PAR), the region’s largest full-service pulmonary practice. Strategically situated within the Class A Boulders Office Park, the facility lies just one mile from HCA Chippenham Hospital—a 466-bed medical center and the ninth largest hospital in Virginia—and benefits from strong connectivity to the broader Richmond MSA via Powhite Parkway and Chippenham Parkway.
The second property, located in Henrico County—a key healthcare hub within the greater Richmond metropolitan area—is a 54,379-square-foot outpatient medical facility recently converted from office use and fully renovated in 2023 with high-end medical-grade finishes. Anchored by James River Cardiology, one of the fastest-growing cardiology practices in the region, VitalCare Family Practice and LabCorp, the facility offers a diverse mix of services including cardiology, vascular surgery, diagnostics, primary care, and sleep medicine. Located adjacent to the Henrico HCA Hospital campus within Richmond’s West End Medical District, the property sits at the heart of an established healthcare corridor serving a large patient base throughout the metro area.
“These acquisitions align with our strategy to invest in high-quality medical facilities that support expanding healthcare services and patient needs in dynamic, growing markets,” said Christian Whipple, CEO of Elliott Bay. “Both properties are anchored by leading regional providers delivering both primary and critical specialty care, reinforcing the long-term strength and community impact of our portfolio.”
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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