Montecito Acquires Medical Office Building in North Texas
Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a medical office building in Allen, Texas, that is home to the Texas Health Athlete Complex.
The property, which offers 31,650 rentable square feet of space, opened in early 2021. The two-story facility is located on the Allen campus of Texas Health Resources Presbyterian Hospital.
“We are excited to acquire this brand-new asset in one of the most appealing submarkets of the Dallas Metro area, and to build on our long-term relationship we are establishing with Texas Health Resources,” said Rus Gudnyy, Senior Vice President of Investments at Montecito Medical.
Physicians at the property provide services in specialties that include primary care, sports medicine and orthopedics. The complex also includes a training facility and field operated by Athlete Training + Health (ATH).
Texas Health Resources is a not-for-profit health system that delivers care to more patients in North Texas than any other provider. The system offers more than 350 points of access across the region, including 29 hospitals and over 100 outpatient facilities, surgery centers, imaging centers, behavioral health facilities and fitness centers.
ATH provides evidence-led training aimed at elevating physical performance through evaluation and education. The full-spectrum holistic training and care are provided in tandem with unique collaborative relationships with local health systems such as THR.
The property is advantageously situated adjacent to US Highway 75 near several large residential neighborhoods. Allen is a fast-growing, highly affluent suburban community of more than 100,000 people north of Dallas. The city, which doubled in size during the past two decades, boasts a median household income of more than $113,000, well above the national average.
The Allen acquisition continues the rapid expansion of Montecito’s footprint in Texas. In the past year the company has acquired medical office properties in Denton, Arlington, Bedford, Duncanville, Sherman, San Antonio, Austin, The Woodlands, Corpus Christi, Tyler, Texarkana, Katy, Rockwall and Sunnyvale.
“The DFW Metroplex has become a key growth area for our company,” said Montecito CEO Chip Conk. “We are aggressively pursuing new opportunities in this market as we work to help owners of medical properties make the most of their real estate.”
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 medical real estate owners and healthcare providers seeking to monetize or expand their holdings. Since 2006, it has completed transactions across the United States involving more than $5 billion in medical real estate. Headquartered in Nashville, TN, Montecito has been named as a “key influencer in healthcare real estate” for four consecutive years by GlobeSt.com and the editors of Real Estate Forum. Chip Conk, the company’s CEO, was named Healthcare Real Estate Executive of the Year for 2021 by Healthcare Real Estate Insights. For more information about Montecito Medical, please visit www.montecitomac.com.