Anchor Health JV Buys Atlanta-Area Property

11315 Johns Creek Parkway. Image courtesy of Anchor Health Properties

Anchor Health Properties, in a joint venture with Chestnut Healthcare Fund II, has acquired a 96,357-square-foot building in Johns Creek, Ga., that had been partially repurposed for medical office use. The seller was a private entity formed by six of the property’s tenants. Capital One provided debt financing for the off-market acquisition.

According to CommercialEdge data, the asset previously changed hands in 2019 when it was bought for $11 million. The purchase also involved a $15 million loan from Synovus Bank.

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Completed in 1998, the Class A, four-story property is a former commercial office building that will be fully converted to medical office space. Anchor Health will oversee the conversion process and execute a capital improvement plan that features the renovation of the lobby and other common areas.

The tenant roster includes Heart & Vascular Care, United Digestive, Pandya Medical Center, Luna Plastic Surgery and Milan Eye Center. These practices will be joined by additional medical providers such as Virtual Imaging, Nile Women’s Health Care and Cleaver Medical Group.

The property is located at 11315 Johns Creek Parkway, 30 miles from Atlanta and just one mile from Emory Johns Creek Hospital. Other medical facilities in the area include Johns Creek Dermatology, American Health Imaging Johns Creek and Atlanta Vision Institute, among others.

Senior Vice Presidents Michael Lipton and Josh Gregory of Colliers, as well as Transwestern Senior Managing Director Steve Hall, Managing Director John Lopez and Senior Associate Bo Stuart, were part of the transaction process.

Anchor Health’s portfolio expansion

CommercialEdge data shows Anchor Health owns 224 medical office buildings across U.S., totaling approximately 13.7 million square feet. In the first part of the year, the firm expanded its California footprint with the acquisition of two medical office buildings, totaling more than 110,000 square feet, in Los Angeles and the Bay Area.

Two other transactions recently closed in Florida, in a joint venture with Harrison Street. The partnership acquired a 95,777-square-foot property in Plantation and, earlier this month, a 31,886-square-foot medical office building in Delray Beach.