Montecito Medical Acquires Medical Office Building from Leading Multi-Specialty Provider in Oregon
Montecito Medical Real Estate, a premier owner of medical office buildings throughout the U.S., has acquired WVP-The Doctors’ Clinic medical office building in Salem, Oregon.
WVP-The Doctors’ Clinic, which is part of WVP Medical Group, is one of the largest multi-specialty providers in the greater Salem area.
The two-story, 34,554 square-foot property in Salem, approximately 50 miles south of Portland, is the largest facility for WVP Medical Group, which operates six clinics throughout the Salem market. The building was built between 1996 and 1999 and is 100% occupied by WVP-The Doctors’ Clinic. The property is direct across the street from a large Kaiser Permanente outpatient facility and is strategically located on the corner of heavily trafficked Skyline Rd. and Kuebler Blvd.
“The physician owners of Doctors’ Clinic Building Company carefully considered multiple offers and were deeply satisfied with Montecito as a purchaser both in terms of the comprehensive offer and because of Montecito’s mission as an owner of the medical real estate,” said Steven Nord, Administrator of The Doctors’ Clinic Building Company.
“Montecito was impressed with not only the robust medical market dynamics in the Salem area, but also the practice itself, which is one of the strongest multi-specialty groups in the State of Oregon,” said Chip Conk, CEO of Montecito Medical. “We are very excited to add this premier property to our growing portfolio of the medical real estate.”
The Doctors’ Clinic was founded in 1903 and has been providing personal medical care to the residents of Salem and the surrounding communities for more than a century. The practice provides a comprehensive and convenient level of care at the facility and specializes in a variety of procedures, including family medicine, internal medicine, cardiac testing, lab work and minor surgery. The building also contains a CT scanner and a fully digital radiology department.
The Clinic currently has 90 employees including 20 medical providers, 14 physicians, three physician assistants, and three nurse practitioners. WVP-The Doctors’ Clinic was purchased by WVP Medical Group, LLC, in late 2016. WVP Medical is a wholly owned subsidiary of WVP Health Authority, which was established in 1976 and has grown to include more than 500 members providing primary and specialty care, with multiple clinics, health plans, home health and other entities serving Salem, Santiam, Silverton and West Valley hospitals (Marion, Polk and Yamhill counties).
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 the 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 more than $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, Urology of Virginia, OrthoCarolina, Bon Secours, Maine General, Carolinas Health System, EmergeOrtho and State of Franklin Healthcare Associates.
Joellyn Shannon, VP Marketing & Strategic Initiatives
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