March 20, 2018
Montecito Medical Acquires Flagship Medical Office Building of Virginia Eye Consultants
Nashville, TN — Montecito Medical Real Estate, a premier owner of medical office buildings throughout the U.S., has acquired the Virginia Eye Consultants medical office building and ambulatory surgery center in Norfolk, Virginia.
The 34,177 square-foot building serves as headquarters for Virginia Eye Consultants (VEC), one of the most established names in eye care in Eastern Virginia. The property’s specialized build-out provides for 25,593 square feet of traditional medical office with more than 60 exam rooms, plus an accredited ambulatory surgery center. The state-of-the-art facility allows VEC specialists to perform various eye procedures on site and offer expertise in all areas of eye care and other treatments, including cosmetic procedures.
“Physicians evaluate patients thousands of times every year, but we sell our professional home perhaps only once or twice in a lifetime,” said Dr. John Sheppard, President of Virginia Eye Consultants. “My interface with the entire team at Montecito, where thousands of real estate transactions evolve through the hands of compassionate experts, was both remarkably educational and reassuringly straightforward. I had direct access to the CEO, the Chief Accountant for personalized tax strategy analysis, and the MMAC VP for acquisitions, each providing email turnover within hours, not days. I truly anticipate our continued collaboration through the opportunity to reinvest in the property, as well as hopefully many more physician-friendly acquisitions to come.”
Built in 2005, the two-story Class A building features a dramatic, standing-seam metal roof with central architectural skylight elements. The property is strategically located in close proximity to the two major thoroughfares in Norfolk.
“With 16 doctors and four offices, Virginia Eye Consultants is the largest ophthalmology practice in the Hampton Roads market and has a reputation for providing world-class specialty eye care, which makes it a strong addition to our portfolio,” said Chip Conk, CEO of Montecito Medical. “This asset met all of our criteria and is the second medical office property in the Tidewater area of Virginia that our company has acquired over the past four months.”
VEC has been providing eye care to the Hampton Roads region for more than 50 years and specializes in procedures related to all-laser LASIK eye surgery, cataracts, dry eye, eye diseases and skin rejuvenation. The practice has been recognized with numerous awards, including the Forbes Magazine’s Top 10 LASIK Surgeons in the U.S. and for three consecutive years, VEC has been honored with the Roaring Twenty Award as one of the 20 fastest growing businesses in Eastern Virginia. The Roaring 20 award honors Hampton Roads' most dynamic businesses based on revenue and employee growth. Hampton Roads was ranked first for “Cities Where Millennials are Moving” by Time magazine in 2017.
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. and Orange County, Calif. Since 2005, it has transacted on more than $2.33 billion in medical real estate totaling over six million square feet in 25 states. 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, Urology of Virginia, OrthoCarolina, Bon Secours, Maine General, Carolinas Health System, EmergeOrtho and State of Franklin Healthcare Associates.