Montecito Medical Acquires Medical Office Portfolio in Eastern Washington
Montecito Medical has completed the acquisition of two medical office buildings in Eastern Washington that are tenanted by a regionally dominant specialty provider.
The two properties, in Spokane Valley and Richland respectively, involve a combined total of nearly 35,500 square feet. Both are 100% leased to Incyte Diagnostics.
“We are pleased to have been selected as the buyer for these outstanding properties, and for the opportunity to build a long-term relationship with the physicians of Incyte Diagnostics,” said Luke Zarzecki, Acquisitions Associate at Montecito Medical.
Established in 1957, Incyte Diagnostics is one of the leading pathology providers in the Pacific Northwest. The group, which employs nearly 50 pathologists, operates 8 laboratory locations across Eastern Washington, northeast Oregon and northwest Idaho. In addition to services provided to physicians’ offices and clinics, Incyte contracts with hospitals to provide laboratory and consultative services to improve patient outcomes and physician satisfaction.
Spokane Valley, a suburb of Spokane, is the ninth largest city in Washington state, with a population of more than 100,000. The Spokane Valley facility is situated approximately 10 miles east of Spokane, in a growth area with retail and residential properties and convenient access to Interstate 90.
Richland, in the southeast quadrant of the state near the Oregon border, is part of a metropolitan area, known as the Tri-Cities, that encompasses neighboring Kennewick and Pasco. With nearly 290,000 people, the Tri-Cities ranks as the third-largest metro area in the state. The Richland property is situated along a retail corridor sandwiched between residential neighborhoods.
“The fundamentals for both of these markets are very strong,” said Chip Conk, CEO of Montecito Medical. “We are excited about our investment in both of these communities and for our opportunity to help physicians here build stronger practices for themselves and their patients.”
About Montecito Medical
Montecito Medical is one of the nation’s largest privately held companies specializing in healthcare-related real estate acquisitions and partnering with physicians and developers to fund development of medical real estate. The company also supports providers with a suite of AI-powered technology solutions that increase revenues, reduce costs and build physician wealth. Since 2006, Montecito has completed transactions involving more than $5 billion in medical real estate. Headquartered in Nashville, TN, the company has been named for five consecutive years as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Real Estate Forum. For more information, please visit www.montecitomac.com.