Montecito Medical Acquires Medical Office Building in California Bay Area
Nashville, TN — Montecito Medical Real Estate, a premier owner of medical office buildings throughout the U.S., has acquired the Bass Medical Group medical office building in Walnut Creek, California.
The office property, which boasts more than 83,000 square feet of space, is 100-percent leased by Bass Medical Group, one of the largest independent physician-owned, multispecialty groups in Northern California. The Walnut Grove building serves as the flagship office for the group, which maintains 47 locations in the Greater Bay Area.
“We are extremely pleased not only to acquire a prime medical office property in a highly desirable market but also to be able to partner with a leading, highly respected provider in the region,” said Chris Conk, Senior Vice President for Acquisitions and Principal at Montecito Medical. “We’re also very excited about our company’s entry into the Bay Area as we strategically build our portfolio of high-quality medical real estate.”
Services provided at the building include gastroenterology, OBGYN, internal medicine, nephrology, orthopedics, podiatry, sports medicine, thoracic, urology, and critical care medicine. The building was originally constructed in 1981 but was stripped down to its steel frame and fully rebuilt in 2017-18 and tailored for medical office use.
Formed in 2007 with 15 physician members, Bass Medical Group has grown to employ more than 200 physicians, with a retention rate of 98 percent over the group’s history. Bass physicians hold affiliations with John Muir Health, which operates a 398-bed hospital just 1.5 miles southwest of the property, adding to the strategic importance of this location.
In addition, the property is advantageously situated on a high-traffic, high-visibility thoroughfare, within five miles of three major medical centers and close to the commercial core of Walnut Creek. It is also within an area that includes a high concentration of households with incomes above $150,000 as well as residents aged 65 and older, who statistically have the highest usage of healthcare services of any population segment.
Walnut Creek is located within Contra Costa County, 25 miles east of San Francisco and 16 miles east of Oakland. The city is a hub for the surrounding area due to its location at the junction of the highways that connect to Sacramento and San Jose (I-680) and San Francisco/Oakland (SR-24), as well as its accessibility via the Bay Area Rapid Transit (BART) system.
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 30 states involving more than $3.6 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