Montecito Medical Acquires Orthopedics Building in Northern California
Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a medical office building in Redding, California, that is home to the Shasta Orthopaedics.
The property, which offers approximately 41,200 rentable square feet of space, is fully leased.
“This acquisition not only involves a prime real estate asset but also enables us to form a long-term relationship with an outstanding provider group that dominates the regional market in a key specialty,” said Brian Brown, Senior Vice President of Acquisitions at Montecito Medical. “We couldn’t be more pleased.”
Physicians at the property provide an array of orthopedic services including advanced diagnostics, surgery, imaging, physical medicine, sports medicine and rehabilitation. The complex includes a bone clinic that screens patients for risk factors related to osteoporosis, along with a physical therapy center, accounting for 13% of the total square footage, that also offers occupational therapy and sports performance and personal training services.
“We are pleased to see Montecito form another partnership with a solid physician group,” said Joe Massa, Senior Managing Director of Institutional Property Advisors (IPA), which brokered the transaction. “Shasta Orthopedics trusted the IPA team to help them find the right real estate partner and execute quickly. Montecito stepped up big and closed on a tight timeframe. It was great to work with everyone involved.”
Shasta Orthopaedics is the region’s dominant orthopedic practice — and the only one that combines a wide range of disciplines to provide a comprehensive approach to patients’ care. The practice also offers the largest group of board-certified musculoskeletal doctors in the North State.
With a population of more than 180,000, the Redding Metropolitan Statistical Area (MSA) is the economic hub of the Shasta/Cascade region of Northern California, with an economy significantly driven by healthcare. The property is favorably situated just off State Route 44, the major thoroughfare that runs through downtown Redding, and near Shasta Regional Medical Center.
The Redding acquisition continues the expansion of Montecito’s footprint in California. In 2021, the company also acquired a medical office properties in Chico and in the greater Los Angeles area.
“We enjoyed another record-setting year in 2021 as providers take advantage of opportunities to make the most of their real estate,” said Montecito CEO Chip Conk. “Our pipeline into 2022 remains full as we continue to pursue our mission of taking care of the physicians who take care of all of us.”
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.