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Montecito Medical Continues Full Speed Ahead with Outpatient Facility Acquisitions in Northwest Arkansas
April 08th 2020
Montecito Medical Real Estate, a premier owner of medical office properties throughout the U.S., has completed the acquisition of two outpatient facilities in the rapidly growing Northwest Arkansas marketplace.
In the adjoining buildings, in Rogers, Arkansas, which will remain 100 percent-occupied by Mercy Health of Northwest Arkansas under long-term leases, the health system provides internal medicine, rheumatology and outpatient orthopedic services, including minimally invasive joint constructed replacement and spinal procedures through an ambulatory surgery center. Together, the buildings, constructed for Mercy Health in 2016, comprise more than 35,000 square feet.
“We are very excited about acquiring this outstanding property in one of America’s fastest growing markets and also by having as our tenant one of the nation’s most respected health systems,” said Chip Conk, CEO of Montecito Medical Real Estate. “This transaction reaffirms our strong commitment to the medical office segment at a time when many health systems are looking to redeploy capital now locked up in their real estate assets to meet present needs and build for the future.
“Even as a number of potential buyers of medical office properties have moved to the sidelines in the wake of the national health emergency, we have the capital to continue making quality acquisitions such as this one, and we are ready to step in and help providers make the most of their medical real estate.”
The two buildings acquired by Montecito are part of a larger, six-building medical campus that Mercy Health describes as a “center of excellence.” The campus includes a primary care clinic, an ENT clinic and a general surgery ambulatory surgery center. Developed amid a major expansion by the health system, these facilities are situated less than two miles from Mercy Hospital of Northwest Arkansas, which has more patient beds than any facility within a 50-mile radius.
The Northwest Arkansas metropolitan area is one of the fastest growing MSAs in the nation. Much of this growth is spurred by the presence of three Fortune 500 companies: Walmart, Tyson Foods and J.B. Hunt Transportation Services, as well as more than 1,300 suppliers and vendors drawn to the area by these businesses.
“It was an easy decision to work with Montecito,” said Hunter Haynes, owner of HCH Consulting, which developed the project. “They are experienced, straightforward, and very professional. Their team really knows what they are doing, and the whole process was smooth with an easy close — the way it should be.”
Mercy Health is the sixth largest Catholic healthcare system in the United States. Its hospitals, physician clinics, outpatient facilities, telehealth services, outreach ministries and other health services extend across a seven-state region that includes Arkansas, Oklahoma, Missouri, Kansas, Louisiana, Mississippi and Texas. Mercy Health has been named by IBM Watson Health as one of the top five large U.S. health systems for the past four consecutive years.
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 real estate owners and healthcare providers seeking to monetize or expand their holdings. Montecito has offices in Nashville, Tenn., Austin, Tex. and Orange County, Calif. Since 2005, it has completed transactions in 30 states involving more than $3.8 billion in medical real estate and totaling over six million square feet. To date, Montecito has more than $1 billion in capital available to expand holdings in its medical office portfolio throughout the United States. Its current portfolio and healthcare system relationships include UCLA, Cleveland Clinic, Johns Hopkins, Holston Medical Group, Carolinas Health System, Urology of Virginia, Bon Secours, Maine General, EmergeOrtho and State of Franklin Healthcare Associates.
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