Montecito Acquires Medical Office Building and Surgery Center in Central Ohio
Nashville, TN — Montecito Medical Real Estate, a premier owner of medical office buildings throughout the U.S., has acquired a prime medical office property and surgery center in suburban Columbus, Ohio, that is home to one of the largest urology groups in the country.
The two-story facility, with just over 38,000 square feet of space, was constructed on a build-to-suit basis in 2013 for Central Ohio Urology. The group, which occupies 100 percent of the building, ranks as the 20th largest urology practice in the United States.
The Class A medical office property is located in Gahanna, a popular bedroom community eight miles northeast of Columbus’ city center. The building is advantageously situated adjacent to eight-lane Interstate-270, less than a mile from Columbus International Airport and approximately 2.5 miles from 419-bed Mount Carmel East Hospital, where providers from Central Ohio Urology have admitting privileges.
“We’re very pleased to add this outstanding property to our growing portfolio of best-in-class medical office buildings,” said Chris Conk, Senior Vice President for Acquisitions and a principal of Montecito Medical. “We love the fundamentals that this asset offers: 100-percent occupancy, tenants whose physician practice is dominant in their market, and a highly desirable location.
“Montecito has historically been very active in Ohio over the years; this property represents our fifteenth acquisition in the state. We’re excited by this opportunity to add to our growing presence in Ohio.”
Central Ohio Urology (COU), the largest provider of urology services in the Columbus area, consists of 28 physicians who serve patients out of 16 locations throughout Central Ohio. COU doctors have hospital privileges with the two largest health systems in Columbus, OhioHealth and Trinity Health.
The building that Montecito acquired is the group’s flagship location. It is also COU’s only facility that provides outpatient surgical services. The ambulatory surgery center (ASC) occupies approximately 27 percent of the rentable area and consists of four procedure rooms and two operating rooms. The remainder of the building consists of clinical areas, imaging, lab, and administrative space.
The surgery center performs numerous urological outpatient procedures, including prostate biopsies including fusion biopsies, vasectomies, cystoscopies, lithotripsies, urolifts, high-intensity focused ultrasound (HIFU), Green Light Laser and circumcisions. Two of Central Ohio Urology’s physicians are among the small number (fewer than 40) of doctors nationwide qualified to perform HIFU, an outpatient procedure used in treating prostate cancer.
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 28 states involving more than $3.16 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