Montecito Medical Acquires Flagship Medical Office Building of Beth Israel Deaconess
July 24, 2018
Nashville, Tenn. — Montecito Medical Real Estate, a premier owner of medical office buildings throughout the U.S., has acquired the Beth Israel Deaconess medical office building in Plymouth, Massachusetts.
The 30,803 square-foot building is located adjacent to the 155-bed Beth Israel Deaconess Plymouth Hospital (BID-Plymouth), the only hospital in the market and the largest employer in the market. Built in 2014, the two-story BID medical office building is a Class A state-of-the-art facility. The building is 100 percent-leased to Jordan Physician Associates, Inc., which provides family medicine, OBGYN, and lab services for the community.
“Medical real estate doesn’t get much better than this prime property, given its location adjacent to the hospital campus and with a long-term lease to the dominant health system in the market,” said Chip Conk, CEO of Montecito. “We are extremely pleased to acquire this property and enter into a relationship with such a prestigious name in healthcare as Beth Israel Deaconess.”
Beth Israel Deaconess (CareGroup, Inc.) is an organization comprised of teaching and community hospitals, physician groups, and other caregivers. It is a teaching hospital of Harvard Medical School and consistently ranks in the top three recipients of biomedical research funding from the National Institutes of Health. CareGroup serves the health needs of patients and communities extending from north and south of Boston and is comprised of six hospitals and 45 community health centers and primary care practices.
Approximately 40 miles south of Boston, Plymouth is one of the largest towns in Massachusetts and is part of the Boston-Cambridge-Newton MSA with a population of 4.5 million. Tourism is a major industry in Plymouth, which is well known for its history as one of the country’s first settlements, along with healthcare, technical and scientific research, real estate and telecommunications.
The Beth Israel Deaconess medical office building transaction represents the ninth completed acquisition for Montecito in the past five months. “We have been super active in the market, closing, closing an average of three deals a month,” Conk said. “To us, that is a reflection of the appeal of our model, which enables sellers to continue to invest in the property and to invest in other medical real estate properties that Montecito acquires.”
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. The company has offices in Nashville, Tenn., Austin, Tex., Portland, Ore., 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 27 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.
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