Montecito Medical Acquires Medical Office Building and Surgery Center in Georgia
Nashville, TN — Montecito Medical Real Estate, a premier owner of medical office buildings throughout the U.S., has acquired the Pinnacle Orthopaedics Center, a Class A medical office and surgery center from a leading orthopaedic provider in Woodstock, Georgia, approximately 30-miles north of downtown Atlanta and part of the Atlanta metropolitan area.
Built in 2010, the two-story facility is 31,764 square-feet and situated along Towne Lake Parkway, within a medical office cluster in one of the main retail corridors in Woodstock. The property was a build-to-suit for Pinnacle Orthopaedics (“Pinnacle”), who anchors the building. The facility contains Pinnacle’s 10,000 square-foot accredited ambulatory surgery center (ASC) with two operating rooms which allows patients to have routine, outpatient, and pain management procedures done to avoid being admitted to a hospital. In addition to the surgery center, there is an MRI suite, and a fully staffed clinic with Physicians and Physical Therapists.
“When our building partnership decided to sell, our practice, Pinnacle Orthopaedics, was attracted to Montecito because of its experience in acquiring, investing and managing orthopaedic specialty practices around the country. We look forward in being a part of this successful team.” – Pinnacle Orthopaedics & Sports Medicine
Other tenants of the building include Vascular Surgical Associates and Advanced Dental Restorations, consuming approximately 20% of the square footage.
“This is the second asset we’ve acquired in the Atlanta market in the last two months,” said Chip Conk, CEO of Montecito Medical. “Pinnacle is a fantastic addition to our growing portfolio and we look forward to growing our presence in the surrounding area.”
Pinnacle Orthopaedics has been a dominant provider of orthopaedic services in North Atlanta for over 50 years. The group is very involved in the community and acts as the team physician for local high schools, colleges and athletic clubs.
The practice consists of 16 physicians, 10 physician assistants, 17 physical and occupational therapists, and a host of administrative staff, and has five locations throughout North Atlanta with many of the providers on staff at WellStar health system hospitals, most notably WellStar Kennestone hospital 11-miles to the south. The 16 specialists cover the entire spectrum of musculoskeletal care both operative and non-operative including hand, foot and ankle, trauma and fractures, joint replacements and reconstruction, limb lengthening and deformity repair, spine, pain management and sports medicine.
The Vascular Surgical Associates consists of 11 board certified vascular surgeons, who treat a wide range of vascular disorders. Advanced Dental Restorations is a specialty practice dedicated to restoring and enhancing each patient’s smile.
The CBRE U.S. Healthcare Capital Markets group and McWhirter Realty Partners acted as the Seller’s exclusive advisors.
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 25 states involving more than $2.33 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.