Montecito Medical Acquires Medical Office Building in Bakersfield, CA
Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of the Rio Bravo Cancer and Imaging Center building in Bakersfield, California.
The 66,000 square-foot, two-story building, which opened in 2015, is occupied by multiple tenants, including a radiology group, an oncology practice and a specialized surgery center.
“This is an outstanding medical property in a growth area of a growing community,” said Colin Verlac, Acquisitions Associate at Montecito Medical. “We are excited for the opportunities to build long-term relationships with the market-leading providers who practice in this building.”
Kern Radiology, which occupies 30% of the property’s space, is the area’s dominant radiology provider, with 15 physicians who perform CT, MRI and PET diagnostic imaging procedures.
Bakersfield Specialist Surgical Center, which leases 25% of the space, facilitates a range of procedures in orthopedics, gastroenterology, total joint replacement, spine/neurosurgery, pain management and urology. The center, which offers six operating rooms and is affiliated with Kaiser Permanente Health System, is the market’s dominant provider of orthopedic surgeries.
Rio Bravo Oncology, which occupies 14% of the property’s square footage, is also the market’s fastest growing provider in its specialty.
The building’s other tenants are Bakersfield Hospitality Center, which provides suites for patients needing additional recovery time after discharge from the surgery center, and Sillect Urgent Care, which operates three other locations in the market area.
Montecito completed the transaction with G. L. Bruno Associates, a leading medical developer and contractor in the Central Valley of California.
The property is situated in the northeast corner of the city, along a major traffic artery next to residential neighborhoods.
With approximately 380,000 residents, Bakersfield ranks as one of the 10 most populous cities in California. The Bakersfield-Delano MSA, which includes all of Kern County, has a population of nearly 840,000. The MSA, which boasts a median household income above the national average, has grown by 56% over the past two decades.
The Bakersfield acquisition expands Montecito’s growing footprint in California. In 2021, the company also acquired medical office properties in Chico, Redding, and in the greater Los Angeles area. “We find excellent opportunity in markets like Bakersfield,” said Chip Conk, CEO of Montecito Medical. “We continue to pursue such opportunities to help create wins for medical office owners seeking to 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.