HFF closes sale of Fletcher Parkway Medical Center on San Diego’s Sharp Grossmont Campus
SAN DIEGO, CA – July 24, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Fletcher Parkway Medical Center, a mission-critical, 82,024-square-foot, three-story medical office building in the San Diego suburb of La Mesa, California.
HFF marketed the property on behalf of the seller, The Abbey Company. Anchor Health Properties purchased the fee-simple asset free and clear of existing debt.
Fletcher Parkway Medical Center is located adjacent to the award-winning Sharp Grossmont Hospital just north of the Interstate 8/California 125 interchange in La Mesa. Anchored by Sharp HealthCare, the property features services, including imaging, a Surgical Care Affiliates (SCA) surgery center, radiology, laboratory, diagnostics, cardiology, pediatrics, ophthalmology, rehabilitation and hospice.
The HFF investment sales team representing the seller was led by managing director Evan Kovac, associate Andrew Milne and senior associate Trent Jemmett.
“Fletcher Parkway Medical Center represented the rare opportunity to acquire an institutional-quality, value-add medical office building on the campus of a market-leading, West Coast healthcare system,” Kovac said. “The new owner has the ability to lease the remaining vacant space in a submarket where occupancy and rental rates are near record highs.”
About The Abbey Company
The Abbey Company is a privately held real estate investment and management firm founded in 1990 by Donald G. Abbey to acquire and manage value-added real estate investments for its own account. Since inception, the company has acquired a diverse commercial real estate portfolio in Central, Southern and Northern California. The company brings a unique and focused owner/operator perspective in identifying investment opportunities and executing management and leasing strategies to enhance asset value, generate attractive investment returns and maximize operating cash flow. Having successfully executed its business plan, the company has grown its current portfolio size to over 34 properties encompassing around three million square feet and approaching 800 tenants. For more information, please visit theabbeyco.com.
About Anchor Health Properties
Anchor Health Properties (“Anchor”) is a national, full-service healthcare real estate development, management and acquisitions company focused exclusively on medical facilities. Anchor takes a strategic approach to navigating the extremely competitive healthcare marketplace, considering multiple angles, such as retail drivers, customer experience, branding and efficiency of the project. The company develops and manages projects across the United States that respond to the new landscape of employed physicians, team-based care, the need to optimize assets and reduce duplication, and the integration of care and technology. Healthcare today calls not only for new and more efficient ways of delivering outpatient services, but also a different kind of healthcare development and management company. For more information, please visit: anchorhealthproperties.com.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.