NASHVILLE, Tenn.–(BUSINESS WIRE)–Montecito Medical Real Estate, a premier owner of medical office buildings throughout the U.S., finished 2017 as the nation’s top privately held acquirer of medical office buildings. It was the second straight year that the Nashville-based company achieved this distinction.
The rankings are based on data received from Real Capital Analytics, the leading authority on transactions that drive the commercial real estate investment markets.
For the year, Montecito Medical closed 13 transactions and 27 assets representing over $363 Million in health care real estate. That figure was a 109% increase over the 2016 acquisition mark of $173 Million.
“The past year was actually the best ever for our company,” said Chip Conk, CEO of Montecito Medical. “This significant accomplishment resulted from a lot of hard work and dedication by our strong broker network, the outstanding physician groups that we’ve worked with, and stellar performance of our acquisition and legal teams.”
Montecito Medical also attributes its strong acquisition results to several aspects of its model that are unique within the industry. With Montecito, physician groups can re-invest in the property, which helps minimizes taxes on sale proceeds. They also can co-invest in future acquisitions by Montecito and can continue to manage their property after the sale.
“The momentum Montecito has earned in the medical real estate segment is truly exciting, and we are off to an amazing start in 2018 as we continue to develop relationships with leading physician groups,” explained Chris Conk, the company’s Senior Vice President for Acquisitions. “I predict that we will continue to dominate the field and end the year with more $600 million in new acquisitions.”
In 2016 and 2017 combined, Montecito closed on 30 transactions totaling 56 medical office buildings and more 1.57 million square feet in 21 states. Notable acquisitions included the portfolios of the Holston Medical Group (East Tennessee and Southwest Virginia), OrthoCarolina (Charlotte, North Carolina, area), Urology of Virginia (Virginia Beach, Virginia, area) and Ogden Clinic (Ogden, Utah).
Since 2005, the company has completed $2.33 billion in medical real estate transactions totaling more than six million square feet. Montecito has more than $1 billion in capital available to expand holdings in its medical office portfolio throughout the United States.
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 transacted on over $2.33 billion in medical real estate totaling over six million square feet in 25 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.
Joellyn Shannon, 615-921-3849
VP Marketing & Strategic Initiatives
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