Montecito Medical has completed the acquisition of a medical office building in Fayetteville, Arkansas, that is tenanted by a regionally dominant specialty provider.The two-story building, which offers just over 19,000 square feet of space, is fully occupied under a new, long-term lease by Northwest Arkansas Pathology Associates.“We are excited to be the owner of this outstanding property that plays an oversize role in healthcare delivery in the region, and for the opportunity to build a long-term relationship that centers on the success of our physician partners,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical. Established in 1988, Northwest Arkansas Pathology Associates provides pathology services to 12 hospitals and over 100 clinics and outpatient facilities throughout Northwest Arkansas and eastern Oklahoma. The group’s 13 pathologists and 58 employees serve patients through a wide array of subspecialty expertise and testing modalities. The group operates the only independent laboratory not affiliated with a hospital in Northwest Arkansas to achieve College of American Pathology (CAP) affiliation.“Having a partner like Montecito Medical allows us to focus on growth and sustainability in a dynamic healthcare environment in an innovative region,” said Lucas K. Campbell, M.D., President/CEO of Northwest Arkansas Pathology Associates.The property is situated in a medical corridor near the junction of Fulbright Expressway and College Street, with convenient access to Interstate 49. In addition to the main building, the property also includes a 2,500 square-foot back building.Marshall Saviers and Matt Imhoff with Cushman & Wakefield | Sage Partners brokered the transaction.With 22% growth since 2013, the Fayetteville-Bentonville-Rogers-Springdale MSA, commonly known as Northwest Arkansas, is one the nation’s fastest growing markets. The area enjoys per capita income above the national average while ranking as one of the most affordable places to live in the US.“We are excited to be part of this vibrant marketplace in Northwest Arkansas,” said Chip Conk, CEO of Montecito Medical. “We look forward to additional opportunities to help provider groups leverage their real estate to build stronger practices for themselves and their patients.”
