Montecito Medical Acquires Prime North Carolina Medical Office Portfolio
Nashville, TN — Montecito Medical Real Estate, a premier owner of medical office properties throughout the U.S., has completed the acquisition of the Jetton Medical Park Portfolio in greater Charlotte, North Carolina.
Jetton Medical Park is situated in a high-end office, medical, retail, and residential development in Cornelius, North Carolina, an affluent suburb approximately 20 miles north of Charlotte. The campus includes two adjacent, two-story medical office buildings, both constructed in 2007, with a combined total of nearly 45,000 square feet.
“We are excited to add the Jetton Medical Park to our expanding portfolio,” said Chris Conk, Principal and Vice President of Acquisitions for Montecito Medical Real Estate. “Over the years, our company has developed a solid record for acquiring prime medical office properties, and Jetton is one of this area’s most desirable medical office facilities. Its fundamentals are impressive, and it is anchored by a strong health system in an extremely attractive location.”
The Jetton Medical Park transaction is the 17th medical office property that Montecito has acquired year-to-date. It continues a trend that has seen the company emerge as the nation’s most active privately held acquirer of medical office real estate during the past two years. “We’ve had an extraordinary year thus far,” Conk said, “and we have a robust pipeline of additional acquisitions that we will execute on as we approach the fourth quarter of 2018.”
Novant Medical Group is the anchor tenant for the medical park, leasing just under 80 percent of the total square footage of the two buildings. A wholly owned affiliate of Novant Health, Inc., Novant Medical Group is an integrated network of physician clinics, outpatient centers and hospitals. Headquartered in Winston-Salem, North Carolina, the organization consists of more than 1,500 physicians in 500 locations serving more than four million patients annually across a four-state area.
Novant occupies approximately 89 percent of Jetton Medical Park I, using the facility for multiple practice specialties including primary and urgent care, family medicine, pediatrics, women’s health, dermatology, orthopedics and sports medicine as well as for training residents in family medicine. The group’s Jetton Medical Park location has been recognized as a Level 3 Patient-Centered Medical Home by the National Committee for Quality Assurance.
Jetton Medical Park II is home to Novant’s Maternal-Fetal Medicine Practice, which provides care for women in both high-risk and routine pregnancies. The practice’s medical professionals monitor the fetal health development of babies in utero along with the health of mothers-to-be. In this office building, Novant also maintains an administrative and billing office to support the operations of the health network throughout the region. Carolina Asthma and Allergy Center also has a strong presence in this location.
Carolina Asthma and Allergy Centers is Charlotte’s largest provider of asthma and allergy care services. The organization, which began serving patients in 1952, currently has 21 providers practicing in 13 locations throughout the region. All physicians are board-certified by the American Board of Allergy and Immunology (ABAI) and specialize in the diagnoses and treatment of patients with asthma-related complications and allergy-related symptoms.
“The sale process with Montecito was really smooth and we look forward to working with them on other projects in the future,” said Ted Barr, Principal for Woodside Health, which previously owned Jetton Medical Park.
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 transacted on more than $2.8 billion in medical real estate totaling over six million square feet in 28 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.
Contact: Joellyn Shannon, VP Marketing & Strategic Initiatives