Montecito Acquires Medical Office Property in Rhode Island
Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a medical office building in East Greenwich, Rhode Island, that is home to one of the region’s leading orthopedic groups.
Constructed in 2013 and renovated in 2020, the building encompasses 60,000 square feet of space and is 100% leased. The multi-tenant property is anchored by University Orthopedics, one of New England’s largest orthopedic practices, which leases approximately 61% of the building.
“It was great to work directly with Michael Integlia and his team on this acquisition,” said Tyler Rhoades, Director of Business Development for Montecito Medical. “We’re thrilled to add another class A orthopedic asset in the Northeast to our portfolio and look forward to building upon our relationship with Michael Integlia & Company and University Orthopedics in future opportunities.”
The buildings other tenants include Coastal Medical Group, a multispecialty practice owned by Lifespan Hospital, the state’s largest hospital group, which occupies roughly 9,550 square feet of space; Velocity Clinical Research, which leases 8,500 square feet of laboratory space; Providence Behavioral Health, a group with 17 mental health providers; and Advanced Dermatology, a national group with more than 140 locations across the United States.
University Orthopedics, the dominant provider in the Providence market, devotes its space at the property to imaging, physical therapy and clinical services. As one of the region’s largest specialty practices, the group includes more than 60 physicians across 13 locations in Rhode Island and Massachusetts.
In addition to providing a full range of orthopedic care for patients, all of the group’s physicians are members of the faculty of the Warren Alpert School of Medicine at Brown University, teaching medical students, fellows and residents in their respective specialty fields. University Orthopedics’ providers also direct many basic science and clinical research studies that result in new devices and innovative techniques for medical and surgical procedures.
Located 18 miles south of downtown Providence, East Greenwich is a growing, affluent suburb with a median family income of more than $130,000. As county seat of the state’s second-most populous county, East Greenwich also boasts a large and expanding patient base that makes it an attractive market for medical providers.
The East Greenwich acquisition continues the recent expansion of Montecito’s real estate portfolio in the region. In April the company closed on two medical office properties tenanted by a dominant orthopedic practice in the affluent market of Fairfield, Connecticut.
“We continue to pursue outstanding properties in growing suburban markets from coast to coast, and this opportunity had the right combination of market fundamentals, attractive location and strong medical tenants we seek,” said Chip Conk, CEO of Montecito Medical.
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.