Anchor Health Grows Florida Portfolio

Image by Martha Dominguez de Gouveia via Unsplash.com

Anchor Health Properties has acquired a 34,681-square-foot medical office building in Sebastian, Fla. Indian River County records show that Martin Ventures sold the asset for $11.6 million and the purchase was financed with an acquisition loan of $9.1 million, provided by First Citizens Bank.

Anchor Health bought the property through Chestnut Healthcare Fund II, a discretionary equity fund co-managed with Chestnut Funds. The company will provide asset and property management for the medical office building that was 95 percent leased at the time of sale.

An outpatient arm of the Cleveland Clinic Indian Memorial Hospital anchors the two-story facility that came online in 2008. As part of the transaction, the health system renewed its commitment at the property with a long-term lease. The tenant roster also includes Treasure Coast Dermatology and Vero Orthopaedics.

Located at 801 Wellness Way in the Treasure Coast region, equidistant between Orlando and West Palm Beach, the medical office building has access to Interstate 95. Other health-care providers in the surrounding area include Sebastian River Medical Center, Water’s Edge Dermatology and Steward Bariatrics & General Surgery, among others.

Anchor Health’s Florida expansion

The current acquisition continues Anchor’s expansion in Florida. The firm’s last year’s investments in The Sunshine State included a 95,777-square-foot facility in Plantation and a 31,886-square-foot medical office building in Delray Beach. Both purchases closed in partnership with Harrison Street.

Anchor Health currently has 76 medical office buildings under ownership, totaling 4.5 million square feet, according to CommercialEdge data. The firm recently entered the Columbus, Ohio, market with the purchase of a 38,327-square-foot medical office building in Grove City, also through Chestnut Healthcare Fund II.