Montecito Medical Acquires Prime Medical Office Complex in Tennessee
Nashville, TN —Montecito Medical Real Estate, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a prime medical office complex.
The two buildings, both 100-percent occupied, serve as medical offices for Premier Medical Group, one of the largest physician-owned, multi-specialty groups in the Clarksville-Montgomery County market area, which is roughly 45 miles northwest of Nashville.
“We’re especially pleased about this acquisition,” said Chip Conk, CEO of Montecito Medical. “We have been incredibly active in the market in 2018, and we’re excited about closing out what has been a banner year by acquiring these two, best-in-class medical offices. We love the Clarksville medical market, not only because it’s in our backyard, but because it’s a solid and rapidly growing area with one of the 20 fastest rates for job growth in the country. And the growth shows no sign of slowing down.”
Both two-story, Class A buildings on the complex – connected via an indoor corridor – together represent nearly 110,000 square feet.
Constructed in 2016, Building 1 is approximately 55,000 square feet. Premier Medical Group uses the space to provide family medicine, internal medicine, occupational and travel medicine, a walk-in clinic, diagnostic imaging services (CT, fluoroscopy, ultrasound, MRI and mammography) and laboratory.
Building 2 was constructed in 2018 and offers 54,000 square feet. On the lower floor, Premier provides pediatrics services to include a seven-days-a week walk-in clinic. Its upper floor is home to obstetrics and gynecology along with the practice’s administrative, business offices and scheduling services.
Founded in 1995, Premier Medical Group today ranks among Clarksville’s 20 largest employers. The group, which maintains an off-site ENT clinic, consists of 36 physicians and more than 300 employees. In 2017, Premier provided services for 225,560 patient visits.
Making this property even more attractive, located adjacent to the Premier Medical Office complex is 281-bed Tennova Healthcare Hospital, the largest of five hospitals within a 30-mile radius. Doctors at Premier have staff privileges at Tennova Hospital. The property is also close to major retail sites and some of the region’s top employers. Located just west of the property is Governors Square Mall – a million-square-foot enclosed shopping mall that is the center of Clarksville’s retail and commercial district. Nearby Austin Peay State University, Fort Campbell military complex, Hankook Tire Plant and LG Electronics also are among the largest employers in this booming market.
Premier Medical Group Chief Administrator Mike Carrigan, M.D. said, “We are pleased with the sale of our property to Montecito, as we desired a top-notch company to oversee what we so painstakingly built. PMG was formed to provide quality medical care, and we will maintain this path with Montecito as our new landlord. At this juncture, we can devote 100 percent of our focus and efforts on patient care.”
This transaction was brokered by Anthony Lunceford and Joe Massa who are Executive Managing Directors of Colliers International Healthcare Investment Services. Lunceford and Massa both worked closely with Montecito to get these prime medical real estate assets closed.
“Montecito continues to expand their physician real estate partner program with the Premier Medical Group acquisition. Their experience with physician owned real estate and great references gave the seller comfort and surety of close,” said Massa. “Montecito is very hands on when working with physicians choosing to monetize their real estate and we were glad to sell them another asset as 2018 came to a close.”
About Montecito Medical
Montecito Medical is one of the nation’s largest privately held companies specializing in healthcare-related real estate acquisitions and funding the development of medical real estate. Montecito is a leading resource for both real estate owners and healthcare providers seeking to monetize or expand their holdings. Montecito has offices in Nashville, Tenn., Austin, Tex., Portland, Ore. and Orange County, Calif. Since 2005, it has completed transactions in 27 states involving more than $3.1 billion in medical real estate and totaling over six million square feet. To date, Montecito has more than $1 billion in capital available to expand holdings in its medical office portfolio throughout the United States. Its current portfolio and healthcare system relationships include UCLA, Cleveland Clinic, Johns Hopkins, Holston Medical Group, Carolinas Health System, Urology of Virginia, Bon Secours, Maine General, EmergeOrtho and State of Franklin Healthcare Associates.
Contact: Joellyn Shannon, VP Marketing & Strategic Initiatives