Anchor Health Expands Seattle Footprint

Auburn Regional Medical Plaza

Anchor Health Properties has teamed up once again with an existing institutional equity partner for the purchase of a 41,311-square-foot medical office building in Seattle’s Auburn submarket. The Class A property is on the campus of the 131-bed MultiCare Auburn Medical Center. A Kidder Matthews team provided sales advisory services for the off-market transaction.

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According to CommercialEdge information, MultiCare Health System had acquired the asset dubbed Auburn Regional Medical Plaza in 2012 from Universal Health Services. The $70.1 million portfolio transaction also included the 195-bed MultiCare Auburn Medical Center and the 54,237-square-foot Auburn Medical Center Campus – MultiCare Auburn Clinic.

The current deal is one of the many investments Anchor has made over the past six months, while also marking the firm’s second transaction with MultiCare Health. The first one closed in January, when a roughly 10,000-square-foot outpatient facility on the campus of MultiCare Good Samaritan Hospital in Puyallup, Wash., traded.

“Continuing to grow our presence in the Seattle MSA through our investments portfolio and team members in our local office, I am delighted that MultiCare views us as a valued partner and has again entrusted us to help support their mission and operations. The Auburn Medical Center Plaza is strongly aligned with our strategic investment thesis and we are on pace to see this momentum in successfully sourcing and closing on attractive investment opportunities through to the end of the year,” Elliott Sellers, vice president of investments with Anchor, told Commercial Property Executive.

A Puget Sound property

Completed in 2009, Auburn Regional Medical Plaza occupies a nearly 1-acre site at 121 N. Division St., some 26 miles south of downtown Seattle and north of Freeway 18. The three-story building houses a cancer treatment center and oncology lab. On-campus specialty practices also include orthopedics, sports medicine, neuroscience and sleep medicine, among others.

MultiCare has been the property’s anchor tenant for more than 10 years, occupying more than 90 percent of the space. The health system added various improvements to the facility during that time; upgrades included an enhanced emergency department and inpatient beds.

Sellers noted, in a prepared statement, that the purchase of Auburn Regional Medical Plaza places Anchor among the top owners in the Seattle market, with a total of seven medical office buildings across the Puget Sound region. Kidder Matthews’ Will Frame and Drew Frame arranged the transaction.

CommercialEdge data shows only three medical office assets changed hands in metro Seattle since the beginning of the year. The largest one, a 60,916-square-foot medical office building in Renton, Wash., was also acquired by Anchor Health for $32.2 million in July.

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