Anchor Locks into IDC Med Plaza in Renton

Anchor Health Properties recently acquired a nearly 60,000-square-foot class-A medical office building (MOB) in the Renton submarket. Designed as a campus-adjacent MOB, the asset was acquired through a joint venture between its co-managed equity fund, Chestnut Healthcare Fund II, and funds managed by global investment firm Carlyle.   

“The city of Renton has been underserved on quality medical space due to rising development costs and subsequent increase in clinical rental rates,” says James Schmid, chief investment officer and managing partner with Anchor. “The IDC Medical Plaza hits the main criteria we look for in an investment: high visibility, stable regional tenancy, excellent patient accessibility, and physician and patient convenience.”

Constructed in 2005, the asset is anchored by Northwest Eye Surgeons. The only off-campus MOB to be constructed in the submarket during the past 15 years, IDC Medical Plaza is positioned at 1412 SW 43rd St. and is near Valley Medical Center, the sole acute care hospital in Renton with 321 beds.

“This acquisition continues our targeted focus for investments in the Seattle MSA. The previous ownership group was an excellent steward and established the building as an essential component of community care,” says Elliott Sellers, vice president and partner with Anchor. “Very few medical transactions trade in the Seattle MSA each year, and working diligently over the past 18 months, the Anchor investments team was able to facilitate a transaction in this high-barrier-to-entry market.”

Steve Perovich and Marcus Yamamoto with CBRE provided advisory services on behalf of the buyer and Capital One provided debt financing. Anchor Health Properties will also provide go-forward asset and property management services at this location.