News Release: Montecito Acquires Thunderbird Square Building in Arizona

High-profile acquisition brings Arizona portfolio to 120,000 square feet

Nashville-based Montecito acquires 35K-square-foot medical building in northwest Phoenix’ Thunderbird Square. (Photo courtesy of Colliers International)

NASHVILLE, Tenn.–(BUSINESS WIRE)–Montecito Medical Real Estate, a premier owner of medical office buildings throughout the U.S., has acquired a 35,420-square-foot, Class A, single-story medical building in the densely populated, master-planned retirement community of Sun City, Ariz

Strategically located on the main corridor near four award-winning regional hospitals, the building is part of a 12-acre plaza originally built as a retail center in 1974, and completely renovated in 2012. Awarded Best of NAICP Medical Office Building of the Year, the facility is part of Thunderbird Square Shopping Center, a high-end mixed-use medical and retail complex.

The medical building is 100 percent leased to specialty practices including neurology, urology, dermatology, opthalmology, internal medicine, digestive health, and an ambulatory surgery center for endoscopy. The endoscopy center comprises 22 percent of the building’s space and serves as the surgical hub for all 27 locations of Arizona Digestive Health throughout Phoenix.

“We are excited about acquiring one of the premier, well-established medical facilities in Phoenix’ northwest valley, and expanding our holdings in Arizona,” said Chip Conk, CEO of Montecito Medical. “We loved the strong medical market dynamics, and the building’s exceptional tenancy enhances our growing portfolio.”

Sun City, founded in 1960 by the Del Webb Development Company (DEVCO), was the nation’s first master-planned retirement community for active adults, and today has more than 37,500 residents.

About Montecito Medical Real Estate

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, Texas and Orange County, California. Since 2005, it has acquired more than $1.4 billion in medical real estate totaling over 5 million square feet in 23 states. 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, Bon Secours, Maine General, EmergeOrtho and State of Franklin Healthcare Associates.

Contacts

Montecito Medical
Joellyn Shannon, 615-921-3849
VP Marketing and Strategic Initiatives
Jshannon@MontecitoMac.com

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