By Jack Stubbs
On August 6th, in a transaction that was recently recorded, Franklin, TN-based Community Healthcare Trust Inc., a full-service healthcare real estate company that operates a portfolio of healthcare facilities across the U.S., acquired a property in the Snohomish County city of Marysville.
According to public documents, Community Healthcare Trust acquired the Smokey Point Behavioral Hospital, a medical office property, from Vest Seattle Realty LLC, an entity which shares the same address as New York-based US HealthVest, a behavioral healthcare company.
The Smokey Point Behavioral Hospital property, located at 3955 156th St. NE and sitting on roughly four acres, has 115 general hospital beds available, according to the Washington State Hospital Association’s web site. Open in 2017, the facility offers both inpatient and outpatient care services—such as specialized group therapy—for a variety of mental health disorders, according to the property’s web site.
Sitting adjacent to Interstate-5, the property is roughly seven miles north of downtown Marysville and twelve miles north of Everett.
In terms of its growth strategy, Community Healthcare Trust focuses primarily on the acquisition of non-urban healthcare facilities. “We believe that there are abundant opportunities to acquire attractive healthcare properties in our target markets either from third-party owners of existing healthcare facilities or directly with healthcare providers through sale-leaseback transactions,” the company’s web site states. The company seeks to invest in properties where it can develop strategic alliances with healthcare providers that offer need-cased healthcare services in its target market.
US HealthVest is an innovative behavioral healthcare company that looks to redefine the psychiatric hospital space, according to the company’s web site. The company’s Puget Sound region portfolio also includes the South Sound Behavioral Hospital, in Lacey, WA.
There have not been all that many transactions in Marysville over the last few quarters, though a few projects have lately broken ground. In mid-June, Vector Development Company, a Pacific Northwest commercial real estate development firm, announced the start of construction on MI-5 Business Park, a two-building located at 4000 156th St. NE. Part of the Arlington Marysville Manufacturing Industrial Center (AMMIC), the $32 million development is set to be leased to distribution and manufacturing tenants, and will hope to capitalize on its prominent location in Marysville.
“We are very excited to be a part of the AMMIC zone and hope prospective tenants can capitalize on these tax abatements and attract new jobs,” said President of Vector Development CompanyTyler Litzenberger in a statement. “MI-5 is also in a great location, strategically situated close to the highly desirable Everett industrial submarket, Boeing and many related aerospace businesses.”