Bala Cynwyd, PA — Anchor Health Properties (Anchor) has recently invested in a two-building, 85,242 s/f portfolio located in the Bala Cynwyd suburb of Philadelphia. The properties were acquired through a joint venture between its co-managed equity fund, Chestnut Healthcare Fund I, and institutional equity partner, The Carlyle Group by way of its Core Plus fund. Ben Ochs, CEO with Anchor, said, “this transaction demonstrates Anchor’s commitment to the Philadelphia MSA, as the largest non-health system owner and manager of medical office facilities in the region, with nearly 1,500,000 s/f owned and managed. The Philadelphia MSA continues to be the largest of Anchor’s investment markets in the US by total square footage.”
The two adjacent medical office buildings, located at 10 & 100 North Presidential Blvd. (known locally as the Pagoda Building), are situated in an infill corridor along the Schuylkill Expressway and feature close proximity to Main Line Health’s Lankenau Medical Center, Thomas Jefferson’s East Falls Campus, the Philadelphia College of Osteopathic Medicine, and a wide array of retail, residential, and commercial office sites.
Originally developed in 1965 and partially renovated in 2009, the two acquired buildings are unique in their focus on clinical medical use in the Bala Cynwyd submarket. Anchor plans to reposition the portfolio as a best-in-class regional clinical medical office destination by investing more than $6 million in significant capital improvements to fully modernize each building. Anchor’s development platform will take the lead in the building redevelopment efforts.