Anchor Health Properties is adding to its large nationwide medical office portfolio with the recent acquisition of a 50,000 square-foot asset in Agoura Hills, Calif. The property sold for $21.45 million, or about $429 per square foot, according to a closing announcement from Marcus & Millichap, which brokered the deal.
The medical office building is located at 29525 Canwood Street and was built in 1983. Currently, the building is home to a number of regional and local health tenants and offers a number of services through its surgery center, onsite pharmacy and primary care facilities.
Current tenants at the property include Providence Health, Quest Diagnostics, AME Medical Group, Lindora Weight Loss Center and Carmenta Surgical Center.
The property is located north of downtown Los Angeles, near the Thousand Oaks community. It is also immediately adjacent to Interstate 101 and Oakmont of Agoura Hills, a newly developed retirement community.
The property was part of a larger portfolio sale, which included an additional medical office asset at 1761 N. Broadway Street in Vallejo, Calif. According to the closing announcement, the 60,000 square-foot Kaiser Permanente-anchored property was sold for $13.65 million, or about $227 per square foot.
Anchor Health Properties has been investing in and developing medical office assets for 35 years. As of 2021, the company has developed 3 million square feet of medical office assets and invested approximately $2 billion in healthcare real estate.
In general, medical office assets across the nation have been in high demand and will likely continue to be due in part to the increased need for them caused by the COVID-19 pandemic. According to a recent patient survey from JLL, 93 percent of the national medical office supply is currently occupied, with rates only expected to increase over the next several years. The report, which surveyed patients across the United States throughout January of 2022, also showed that about 62 percent of medical visits were exclusively in person despite increasing amounts of virtual healthcare currently available.
