Dr. Bruce Cohen
Chief Executive Officer, OrthoCarolina
OrthoCarolina, one of the nation’s largest orthopedic groups, faced a dilemma. On the one hand, explains Dr. Bruce Cohen, “Our real estate had gotten so valuable, it was hard for new members to come in” and buy shares in the partnership. But selling the properties raised concerns about outside ownership.
Montecito worked with OrthoCarolina to create a win/win that aligned physician interests and allowed the group to retain an ownership state in the 9 medical office buildings we acquired.
“I wouldn’t hesitate to recommend Montecito to other physicians and physician groups,” Dr. Cohen says.
When I was originally approached about selling our real estate assets, my answer was that I was not interested. As CEO of OrthoCarolina, I represent 160 physicians and 39 offices, so getting our group to agree to sell our real estate was challenging and complex. As we got to know the Montecito leaders, I started to see the benefits of considering a sale of our real estate assets. Coincidentally we had an interaction with them on a very contentious situation with a joint venture partner of ours in a property that Montecito owned. Chip and the staff of Montecito were fantastic to work with and very professional in helping us come to resolution of a difficult problem. This interaction led me to explore working with them further.
Bruce Cohen, M.D., Chief Executive Officer, OrthoCarolina
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Bruce Cohen, MD, Surgeon and Former CEO, OrthoCarolina
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