Anchor Buy Represents Opportunity to Enhance MOB’s Performance

Anchor Health Properties recently acquired a 41,311-square-foot class-A medical office building in the Auburn submarket of Seattle. The asset was acquired through a joint venture with an existing institutional equity partner.

Actively building its portfolio in the Seattle MSA, this asset is Anchor’s second investment with MultiCare Health and builds on the company’s strategy of aligning with top health systems. Located 28 miles south of downtown Seattle and 14 miles northeast of downtown Tacoma, 121 North Division St. is on the campus of the MultiCare Auburn Medical Center, a 131-bed hospital serving south King County.

“As we continue to develop a fruitful relationship with MultiCare, one of the dominant health systems and market leaders in the Seattle MSA, we are delighted to make this investment and take on management of the facility,” says James Schmid, chief investment officer and managing partner with Anchor. “We continue to believe that healthcare real estate in the U.S. has proven its resilience before and during the pandemic, and this acquisition represents an excellent opportunity for us to enhance the MOB’s performance through our full-service platform.”

Anchor’s Elliott Sellers, vice president of investments, led the acquisition process.

“This deal strongly aligns with our investment criteria focused on high-quality real estate in robust growth markets featuring desirable demographics and anchored by strong regional tenants such as MultiCare Health,” says Sellers. “The purpose-built on-campus MOB is strategically located on a high-growth hospital campus with excellent long-term viability. Anchor is climbing the ranks of top owners in the Seattle market with a total of seven medical office buildings across the Puget Sound region and is the fourth largest non-health system landlord in terms of number of properties.”

Will Frame and Drew Frame with Kidder Mathews provided sales advisory services in an off-market capacity. As the new owner of the facility, Anchor Health Properties will provide asset and property management services at this location.