Anchor Health Properties has acquired Blue Hills Medical Center, a 47,350-square-foot building in Braintree, Mass. The price was $15.3 million, according to Norfolk County records, which also show that Synovus Bank provided a $39.2 million loan for the acquisition.
Anchor Health purchased the asset through its discretionary equity fund, Chestnut Healthcare Fund II, co-managed with Chestnut Funds.
According to CommercialEdge data, the property last changed hands in 2018 when its previous owner, Novaya Real Estate Ventures, acquired the building for $11.6 million. The asset was also subject to an $8.5 million loan, originated by Cambridge Savings Bank.
The Class B building was originally completed in 1982 and underwent renovations between 2018 and 2022. Anchor Health will provide property and asset management for Blue Hills Medical Center.
The two-story medical office building has an on-site pharmacy and offers 272 parking spaces. Clinical health-care services include primary care, bariatrics, rehabilitation, laboratory service, ophthalmology, dentistry and psychiatry. At the time of the sale, the building was 94 percent leased and the tenant roster features Minton Pediatrics, Blue Hills Medical Associates, Mass General Brigham, Quest Diagnostics and Jack and Jill Pediatric Dentistry.
The property is located at 340 Wood Road, 11 miles from downtown Boston, and adjacent to Interstate 93. Other medical facilities in the surrounding area include Harvard Vanguard Medical Associates, Braintree Rehabilitation Hospital and South Shore Hospital.
Newmark’s Senior Managing Director Michael Greely represented the seller in the transaction.
Anchor Health’s investment plans
Anchor Health is looking for more opportunities in the surrounding market, as this current investment expands the company’s portfolio across the Boston MSA and its northeast footprint, according to prepared remarks by Anchor’s Chief Investment Officer & Managing Partner James Schmid and Vice President of Investment Ilya Hvostikov.
Anchor has been an active investor this month. In a partnership with Harrison Street, the company paid $14.9 million for a 31,886-square-foot medical office building in Delray Beach, Fla. Through its Chestnut Healthcare Fund II, Anchor also acquired a 96,357-square-foot property in Creek, Ga.
The company is looking to close on several other transactions by the end of the year, Schmid also announced.
