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Anchor Reels in Mission Valley Medical Office Building

By: Lisa Brown

In response to a medical office shortage in the San Diego MSA, Anchor Health Properties recently acquired an 81,236-square-foot class-A commercial office building in the Mission Valley submarket of downtown San Diego. The asset located at 9095 Rio San Diego Dr. was acquired through a joint venture with co-managed equity fund, Chestnut Healthcare Fund II and Harrison Street.

Anchor intends to redevelop and convert the building to a fully clinical medical use facility. Directly in the growth path of San Diego University’s $3.5 billion planned campus development and Scripps Mercy Hospital’s planned 710,000-square-foot in-patient tower, this office building is well positioned for medical office conversion with a 5:1000 parking ratio and close proximity to multiple urban hospital campuses. The clinical medical office vacancy both in central San Diego as well as in the broader MSA is among the lowest in the country.

As part of the transaction, Anchor has agreed to terms with a regional medical specialist practice to lease and operate a five operating room surgery center on the ground floor of the building, taking nearly 20,000 square feet of space and serving as an anchor tenant.

Additional target practice lines for clinical medical office conversion include outpatient surgery centers, imaging centers, urgent care, behavioral health, ophthalmology, oral surgery, dermatology, plastic surgery, orthopedics, internal medicine and family medicine.