Montecito Medical Acquires MPoA Medical Office Portfolio
Montecito Medical Real Estate, a premier owner of medical office properties throughout the U.S., has completed the acquisition of six medical office buildings that were part of the portfolio of Medical Properties of America (MPoA).
The six properties span three states and include:
• Four facilities operated by Outpatient Imaging Affiliates (OIA) in Nashville, TN; Knoxville, TN: Madison, AL; and Wake Forest, NC.
• Clarksville Surgery Center in Clarksville, TN.
• Hartmann Commons in Lebanon, TN
Altogether, the properties that Montecito acquired from MPoA involve more than 80,000 square feet.
“As a company, we have been super active in seeking out and evaluating prime medical office properties at a time when many buyers have pulled back from the market,” said Chip Conk, CEO of Montecito Medical Real Estate. “You can see the fruit of our efforts in an acquisition like this, involving an outstanding group of medical office assets.”
The four MOBs in the OIA portfolio, which total 51,621 square feet, are 100% leased to Outpatient Imaging Affiliates, the ninth-largest operator of non-hospital imaging facilities in the US. The facilities were constructed between 1984 and 2000, with substantial investments in capital improvements and systems upgrades since 2012.
The Clarksville Surgery Center is a fully leased, 12,656 square-foot freestanding ambulatory surgical facility involving a partnership between United Surgical Partners International (USPI) and St. Thomas Health System. The center is strategically located in a fast-growing market located one hour northwest of Nashville near the Tennessee-Kentucky border.
Hartmann Commons is a one-story, 15,907 square-foot medical office building Lebanon, TN, a growing exurb east of Nashville. The building, constructed in 2013, is anchored by Tennessee Oncology, one of the nation’s largest community-based cancer care specialty groups.
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.