Anchor Health Properties Acquires One of the Top Remaining Third-Party Owned Assets in the San Diego MSA

Anchor Health Properties (Anchor) has recently closed on the acquisition of a two story, 54,703 square foot Class A medical office building located in the Oceanside/Vista submarket of San Diego, California. Acquired through a joint venture between Anchor’s co-managed equity fund, Chestnut Healthcare Fund II, and funds managed by global investment firm Carlyle (NASDAQ: CG), this building is one of the top remaining third-party owned assets in the San Diego MSA.

Strategically located adjacent to the Tri-City Medical Center, a 320-bed hospital district campus serving North San Diego County which features co-sponsorship from UC San Diego Health, Vista Medical Plaza was originally constructed in 1986 and fully redeveloped by the AmeriCare Health & Retirement Company in 2016. The asset is anchored by three investment grade clinical medical tenants and complemented by two dominant San Diego area specialty care providers offering a wide variety of clinical services.

• United HealthCare (Moody’s A3), North County Internal Medicine, is one of the top internal medicine practices in North San Diego County and an original tenant to the building
• Rady Children’s Physician Management Group (Moody’s Aa3), Children’s Primary Care Med Group, is the region’s largest medical group specializing in healthcare for children and provides primary care pediatrics and newborn care services
• LabCorp (Moody’s Baa2) is one of the largest clinical laboratory networks in the world featuring 36 primary laboratories across the United States
• Greider Eye Associates, a well-established regional practice, provides general and specialized ophthalmology surgery, optometry, cosmetic services, and diagnostic services
• Blue Coast Cardiology retains some of the top Cardiologists in the area and provides electrocardiology, echocardiology, coronary disease management, and clinical research

“Coming off a tremendous first half of 2021 with a dozen separate investment transactions closed, our investments platform continues on pace for a record setting year in 2021,” shared James Schmid, Chief Investment Officer and Managing Partner with Anchor. “The greater San Diego MSA is a medical marketplace that is both proven and growing with new opportunities, and this Class A MOB acquisition continues our strong momentum. As the largest non-health system owner of medical office space in the San Diego area, we are thrilled to support the best-in-class tenancy – forming long-term tenant relationships with multiple leading health systems and providers in the region.”

The premiere outpatient health center in the Oceanside/Vista submarket, the facility also features an on-site pharmacy, open atrium, private secured subterranean physician parking, and ample on-site parking for patients and visitors.

Elliott Sellers, Vice President of Investments and Partner with Anchor, led the acquisition process and also noted, “The San Diego MSA offers highly attractive investment opportunities that align with our guiding investment thesis and provide the occasion to work with a number of market-leading health systems and providers through support of their operations. As we pursue better healthcare through real estate solutions, we are excited about this acquisition further demonstrating our commitment to the surrounding community.”

JLL Healthcare Capital Markets, led by Managing Directors Evan Kovac and Andrew Milne, exclusively advised on the sale transaction. Capital One provided secured debt financing for the project. As the new owner of the facility, Anchor Health Properties will provide go forward asset and property management services at this location. Lars Eisenhauer with CBRE San Diego will continue to lead leasing services at this property.