Home Commercial Anchor Health Properties Spends $31.5MM to Acquire Two Adjacent Commercial Properties in...

Anchor Health Properties Spends $31.5MM to Acquire Two Adjacent Commercial Properties in Bothell, WA

By Jack Stubbs

On Tuesday, October 16h, two adjacent properties—one of which is home to Pacific Medical Centers—in Bothell, WA, sold for $31.5 million, Snohomish County records show. The buyer of the two parcels was Charlottesville, Virginia-based Anchor Health Properties, a company that develops, manages and invests in medical facilities nationwide. The seller was Foster City, California-based SteelWave, a commercial, multifamily and mixed-use real estate management and investment firm.

Neither the buyer nor the seller responded to calls or emails for comment about the transaction in time for the publishing of this story.

The transaction was for two adjacent properties in Bothell—located at 1909 214th St. SE and 21325 20th Ave. SE—that comprise roughly 15 acres, according to public documents. The first property on 214th St. shares the same address as the Pacific Medical Center Canyon Park property. According to a listing on loopnet.com, the address is home to an approximately 85,000 square foot Class B office property built in 2007. The property located at 21325 20th Ave. SE contains a roughly 9-acre transportation center built in 2010, according to a listing on realtytrac.com.

According to Google Maps, tenants in the first building include CBRE and Ronald Blue Trust, a financial planner, and tenants at the second property include NSD Transportation Center, a school bus service.

The two properties are approximately four miles north of Bothell and seven miles east of Lynnwood. Additionally, the properties are roughly nine miles from access to the intersection of Interstate-405 and I-5.

Founded in 1985 as a developer of innovative retail centers, Anchor Health Properties is a national firm that is now exclusively devoted to the development and management of medical facilities, according to the company’s web site. Anchor Health has developed more than 2.5 million square feet of healthcare properties including outpatient centers, health and wellness centers, outpatient rehabilitation centers, replacement hospitals, ambulatory care centers, medical office buildings, and cancer care centers.

SteelWave—formerly Legacy Partners Commercial—is a full-service commercial, multifamily and mixed-use real estate management and investment firm that operates in Northern California, Southern California, Denver, Seattle, Portland and Texas, according to the company’s web site. Since its inception, the SteelWave team has acquired, developed or managed 6,000 multifamily units, 60.1 million square feet of industrial product and 36.6 million square of office product across our Western United States target markets at a combined cost of over $10.7 billion.