Anchor Health Buys Memphis-Area MOB Portfolio

7550 Wolf River Blvd. Image courtesy of Anchor Health

Anchor Health Properties, together with an existing institutional equity partner, has acquired a two-building, 78,690-square-foot medical office portfolio in Germantown, Tenn. According to Yardi Matrix, Cypress Equities sold the assets for $32.8 million and the buyer also assumed the $13.2 million outstanding balance of a $15.3 million Fannie Mae mortgage with Farm Bureau Life Insurance Co. from 2016. CBRE assisted the seller in the deal.

Completed in phases in 2008 and 2015, the two-story buildings occupy in total nearly 7 acres at 7550 and 7600 Wolf River Blvd. Trumbull Laboratories, a clinical pathology laboratory affiliated with Baptist Memorial Hospital-Memphis, anchors the facilities. Other tenants at the fully occupied buildings include Mid-South ENT, The Imaging Center at Wolf River, Methodist Healthcare, Mid-South Internal Medicine and Mid-South Imaging and Therapeutics.

The portfolio is some 16 miles east of downtown Memphis in a medical corridor featuring various regional health-care providers. Methodist Le Bonheur Germantown Hospital is roughly 2 miles southeast, while Baptist Memorial Hospital-Memphis is 3 miles northwest of the facilities.

CBRE’s Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany and Zack Holderman, together with Johnny Lamberson and Terry Radford, negotiated on behalf of Cypress Equities. In June, a brokerage team which included Asher, Bodnar, Lindsley, Selbiger and Solomiany represented the seller of a 129,590-square-foot medical office property in St. Louis.