{"id":1004608549,"date":"2022-10-26T13:07:33","date_gmt":"2022-10-26T21:07:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004608549"},"modified":"2022-12-08T19:03:08","modified_gmt":"2022-12-09T03:03:08","slug":"anchor-health-expands-footprint-in-metro-boston","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/anchor-health-expands-footprint-in-metro-boston\/","title":{"rendered":"Anchor Health Expands Footprint in Metro Boston"},"content":{"rendered":"
\"\"<\/a>

Blue Hills Medical Center. Image courtesy of Anchor Health Properties<\/p><\/div>\n

Anchor Health Properties<\/strong> has acquired Blue Hills Medical Center<\/strong>, a 47,350-square-foot building in Braintree, Mass. The price was $15.3 million, according to Norfolk County records, which also show that Synovus Bank<\/strong> provided a $39.2 million loan for the acquisition.<\/p>\n

Anchor Health purchased the asset through its discretionary equity fund, Chestnut Healthcare Fund II, co-managed with Chestnut Funds<\/strong>.<\/p>\n

According to CommercialEdge data, the property last changed hands in 2018 when its previous owner, Novaya Real Estate Ventures<\/strong>, acquired the building for $11.6 million. The asset was also subject to an $8.5 million loan, originated by Cambridge Savings Bank<\/strong>.<\/p>\n

The Class B building was originally completed in 1982 and underwent renovations between 2018 and 2022. Anchor Health will provide property and asset management for Blue Hills Medical Center.<\/p>\n

The two-story medical office building has an on-site pharmacy and offers 272 parking spaces. Clinical health-care services include primary care, bariatrics, rehabilitation, laboratory service, ophthalmology, dentistry and psychiatry. At the time of the sale, the building was 94 percent leased and the tenant roster features Minton Pediatrics, Blue Hills Medical Associates, Mass General Brigham, Quest Diagnostics and Jack and Jill Pediatric Dentistry.<\/p>\n

The property is located at 340 Wood Road, 11 miles from downtown Boston, and adjacent to Interstate 93. Other medical facilities in the surrounding area include Harvard Vanguard Medical Associates, Braintree Rehabilitation Hospital and South Shore Hospital.<\/p>\n

Newmark<\/strong>\u2019s Senior Managing Director Michael Greely represented the seller in the transaction.<\/p>\n

Anchor Health’s investment plans<\/h2>\n

Anchor Health is looking for more opportunities in the surrounding market, as this current investment expands the company\u2019s portfolio across the Boston MSA and its northeast footprint, according to prepared remarks by Anchor\u2019s Chief Investment Officer & Managing Partner James Schmid and Vice President of Investment Ilya Hvostikov.<\/p>\n

Anchor has been an active investor this month. In a partnership with Harrison Street<\/a>, the company paid $14.9 million for a 31,886-square-foot medical office building in Delray Beach, Fla. Through its Chestnut Healthcare Fund II, Anchor also acquired a 96,357-square-foot property<\/a> in Creek, Ga.<\/p>\n

The company is looking to close on several other transactions by the end of the year, Schmid also announced.<\/p>\n","protected":false},"excerpt":{"rendered":"

Blue Hills Medical Center is situated in Braintree, Mass.<\/p>\n","protected":false},"author":2829,"featured_media":1004608550,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21783,21754,21742,10],"tags":[36946,50999,38911],"class_list":["post-1004608549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-investment","category-medical-office","category-latest","category-northeast","tag-anchor-health-properties","tag-newmark","tag-synovus-bank"],"acf":[],"yoast_head":"\nAnchor Health Expands Footprint in Metro Boston - CPE<\/title>\n<meta name=\"description\" content=\"Anchor Health Properties, in a JV with Chestnut Funds, acquired a 47,350-square foot MOB in Braintree, Mass., for $15.3 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/anchor-health-expands-footprint-in-metro-boston\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Anchor Health Expands Footprint in Metro Boston\" \/>\n<meta property=\"og:description\" content=\"Anchor Health Properties, in a JV with Chestnut Funds, acquired a 47,350-square foot MOB in Braintree, Mass., for $15.3 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/anchor-health-expands-footprint-in-metro-boston\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-26T21:07:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:03:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/blue-hills-back-exterior-e1666686742279.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"549\" \/>\n\t<meta property=\"og:image:height\" content=\"411\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/anchor-health-expands-footprint-in-metro-boston\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/anchor-health-expands-footprint-in-metro-boston\/\",\"name\":\"Anchor Health Expands Footprint in Metro Boston - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/anchor-health-expands-footprint-in-metro-boston\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/anchor-health-expands-footprint-in-metro-boston\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/blue-hills-back-exterior-e1666686742279.jpg\",\"datePublished\":\"2022-10-26T21:07:33+00:00\",\"dateModified\":\"2022-12-09T03:03:08+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7ced0369df035c845a1e5d647c62dd7a\"},\"description\":\"Anchor Health Properties, in a JV with Chestnut Funds, acquired a 47,350-square foot MOB in Braintree, Mass., for $15.3 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/anchor-health-expands-footprint-in-metro-boston\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/anchor-health-expands-footprint-in-metro-boston\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/anchor-health-expands-footprint-in-metro-boston\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/blue-hills-back-exterior-e1666686742279.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/blue-hills-back-exterior-e1666686742279.jpg\",\"width\":549,\"height\":411,\"caption\":\"Blue Hills Medical Center. 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