Montecito Medical Acquires Second Saint Thomas Anchored Middle Tennessee Asset
Nashville, TN — Montecito Medical Real Estate, one of the largest, privately held firms in the country devoted exclusively to medical real estate, has acquired the 22,300 square-foot Saint Thomas - Bellevue medical office building in the rapidly growing and affluent neighborhood of Bellevue, Tennessee, approximately 11 miles southwest of downtown Nashville.
This Class A, three-story medical office building was just recently constructed in 2018 as a build-to-suit for Saint Thomas Health who will be leasing 100% of the building. It is conveniently located in a high-profile retail setting, adjacent to the site is the Harpeth Village/Publix Center. The subject building and Harpeth Village are situated just off Hwy 100 – a major North/South corridor connecting downtown Nashville with the neighborhoods of Belle Meade (one of the most affluent areas in the state), Percy Warner Park (one of the area’s major recreation areas), and Bellevue.
“We’re excited about acquiring our second St. Thomas building, especially since our headquarters are in Nashville and this is in our backyard. We focus on the best of the best medical real estate and this asset truly complements our rapidly growing portfolio,” explained Chris Conk, Partner and SVP of Acquisitions for Montecito Medical.
Services at this Bellevue location include primary care, rehab, imaging, and a pharmacy.
Saint Thomas Health (STH) is an integrated health delivery system based in Nashville, Tennessee composed of nine hospitals and 92 outpatient locations covering 32 counties; the aggressive expansion into outpatient facilities by the health system is expected to continue as they widen their reach into high-growth communities of Middle Tennessee.
STH is a member of Ascension Health, a Roman Catholic organization that is the largest not-for-profit health system in the United States and includes approximately 150,000 associates and 36,000 aligned providers.
Saint Thomas- Bellevue is the 8th medical office building that Montecito has acquired year-to-date and the 108th medical office building since inception.
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, Tennessee, Austin, Texas and Orange County, California. Since 2005, it has transacted on over $2.33 billion in medical real estate totaling over 6 million square feet in 25 states. To date, Montecito has more than $1 billion in capital available to expand holdings 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, Bon Secours, Maine General, EmergeOrtho and State of Franklin Healthcare Associates.