Woodside Health has expanded its healthcare real estate holdings with the purchase of two medical office properties in Chesapeake, Virginia. The private equity firm reported that the acquisitions include Hillcrest Medical Office Building and Volvo Medical Office, both positioned within key growth corridors of the city.
Hillcrest Medical Office Building was completed in 2021 and is located in one of Chesapeake’s fastest-growing residential areas. Its setting within a rapidly expanding housing corridor positions the property to serve a growing population base seeking nearby medical and dental services. The relatively recent construction also means the building reflects current medical office design requirements and infrastructure needs.
Volvo Medical Office, delivered in 2011, is situated along one of Chesapeake’s more established commercial corridors. Unlike Hillcrest’s residential-oriented location, this asset is embedded in a mature business environment that already draws consistent traffic from the broader region. The building is fully occupied by healthcare tenants, providing a stabilized, income-producing asset within Woodside Health’s portfolio.
Together, Hillcrest Medical Office Building and Volvo Medical Office total 25,000 square feet of medical office space. Both assets are anchored by Dental Care Alliance, a multi-tenant healthcare presence that serves patients from the surrounding Chesapeake area and the wider region. The combination of a strong anchor tenant, full occupancy at one of the properties, and locations in both a growth corridor and an established commercial corridor supports the long-term healthcare demand profile in this part of Virginia.
Ben Barr, Principal at Woodside Health, noted that the acquisition aligns with the firm’s strategy of targeting well-located healthcare properties in strong and growing markets. He also indicated that Woodside Health recently closed on another healthcare property in the Virginia Beach metropolitan statistical area, signaling ongoing deployment of capital into the region’s medical office sector. Specific details about that additional transaction were not disclosed in the announcement.
The Chesapeake acquisitions represent the latest additions to Woodside Health’s national portfolio of healthcare real estate across the United States. The firm, headquartered in Cleveland, Ohio, focuses on investing in medical and healthcare-related properties and operates as a private equity platform dedicated to this niche. By adding two purpose-built medical office buildings anchored by an established dental operator, Woodside Health continues to grow its footprint in the Virginia Beach MSA and deepen its exposure to outpatient healthcare facilities in markets characterized by population growth and established commercial activity.
