Anchor Health Expands Atlanta Footprint

Forsyth Physicians Center. Image courtesy of Anchor Health Properties

Anchor Health Properties, in a joint venture with an institutional equity partner, has acquired Forsyth Physicians Center, a 91,940-square-foot medical office building in Cumming, Ga. Richmond Honan sold the Class A property, according to CommercialEdge information. First Citizens Bank provided the buyer with $20.5 million in debt financing.

The facility was 80 percent leased at the time of sale. Colliers Atlanta represented Anchor Health, while CBRE assisted the seller.

The acquisition marks Anchor Health’s second significant purchase in the Atlanta market in the last few months, adding to its Georgia portfolio of nearly 1 million square feet. The firm’s first investment in the metro involved a 43,730-square-foot medical office building in Lawrenceville.

A Class A medical office asset in metro Atlanta

Richmond Honan developed the property in 2016, financing its construction with a $15 million loan provided by United Community Bank, CommercialEdge data shows. The development team also included Lyman Davidson Dooley Inc. and Pencor Construction. The three-story building was 95 percent preleased at the time of its 2017 completion.

Forsyth Physicians Center provides various medical services, such as imaging, physical rehabilitation, surgery, cancer screening procedures and ORL procedures, among others. The tenant roster includes Resurgens Orthopaedics, GI North and North Atlanta Ear, Nose, Throat, and Allergy.

The facility occupies a 13-acre site at 4150 Deputy Bill Cantrell Memorial Road, adjacent to Northside Hospital Forsyth, some 40 miles Northeast of Atlanta. Other medical providers in the surrounding area include Village Medical – Morrow, Piedmont Urgent Care and Goodman Dermatology.

Executive Vice President Michael Lipton and Senior Vice President Andrew Walker with Colliers Atlanta negotiated on behalf of the buyer. Vice Chairman Lee Asher and First Vice President Jordan Selbiger with CBRE assisted the seller.

Anchor Health portfolio expansion in 2023

Anchor Health currently has $3.2 billion invested in stabilized healthcare facilities and 9 million square feet of medical office space under management. In the first half of 2023, the firm entered the Columbus health-care real estate market with the acquisition of a medical office building in Grove City, Ohio.

Two other purchases were made this spring, when the company expanded its Florida footprint with a 34,681-square-foot medical office in Sebastian, Fla., and then acquired Renewal Medical Center, a Class B facility in Lone Tree, Colo.