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Tuesday, Jul 23, 2024
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East County Medical Office Building Fetches $33 Million

Two large East Coast investment firms have entered East County’s medical office real estate market.

Anchor Health Properties and The Carlyle Group recently acquired the Fletcher Parkway Medical Center at 8881 Fletcher Pkwy., which houses prominent tenants including Sharp HealthCare and United HealthCare, for $33 million, according to CoStar Group and public data.

The seller of the 82,024-square-foot property was The Abbey Co. of Garden Grove. Tenants also include a Surgical Care Affiliates surgery center.

The building was constructed in 1985 and is adjacent to Sharp Grossmont Hospital. Services provided by Sharp and other tenants there include imaging, radiology, cardiology, pediatric, rehabilitation and laboratory services.

The seller was represented by a team at Holliday Fenoglio Fowler LP, led by Evan Kovac, Andrew Milne and Trent Jemmett, according to the brokerage firm.

In its own statement, Philadelphia-based Anchor Health Properties said the La Mesa deal marks its first acquisition in the San Diego market, and it is among its first in the Western United States.

“The Fletcher transaction, in combination with recent and planned acquisitions in Southern California and the Western U.S., has created momentum for further investment and expansion efforts in the region,” said James Schmid, Anchor Health Properties’ chief investment officer.

Schmid said the La Mesa property has historically been well occupied, and Anchor has “significant capital and leasing plans” to enhance its image and function on the Sharp Grossmont Hospital campus.

Anchor Health Properties was started in 1985 and oversees a nationwide portfolio of medical facilities spanning more than 1.5 million square feet.

According to CoStar Group, Anchor partnered on the La Mesa acquisition with The Carlyle Group of Washington, D.C., in a joint venture. Carlyle Group is among the nation’s largest private equity and investment firms, with $162 billion in assets under management worldwide, according to its website.

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