Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a 49,500 square-foot medical office building in Flowood, Mississippi.
The building, which opened in 2018, is 100% leased to Capital Ortho, a practice group with locations across the Jackson area. The property features an ambulatory surgery center with four operating rooms as well as clinical orthopedic services and physical therapy.
“It was a pleasure working directly with leadership and the physician-owners on this sale-leaseback acquisition,” said Tyler Rhoades, Director of Acquisitions at Montecito. “We are thrilled to add yet another strong orthopedic asset to our growing portfolio across the South and excited to further expand our presence in Mississippi.”
Capital Ortho, which has served the area since 1990, is a well-established group with 11 surgeons, 11 physician assistants and nurse practitioners and 12 physical therapists. The group uses the Flowood property as its hub and maintains other offices in Madison and Clinton, Mississippi, along with several satellite locations across the area.
“We were attracted to the fundamentals of this innovative orthopedic group and are excited to partner with the physicians of Capital Ortho as they continue to grow as a practice,” said Chip Conk, CEO of Montecito Medical.
“I would like to thank Tyler, Chip and all the people at Montecito for their hard work and cooperation to get this deal completed,” said Jeff Bedford, CEO of Capital Ortho. “It was a pleasure working with Montecito on this transaction.”
