Montecito Medical Acquires Premier Medical Office Building and Surgery Center in New Hampshire
Montecito Medical Real Estate, has finalized the acquisition of a prime medical office building and surgery center in Bedford, New Hampshire, that is occupied by the area’s largest neuro-spine care provider.
The two-story, 30,500 square-foot building is 100-percent occupied by New Hampshire NeuroSpine Institute. The property is located in the affluent community of Bedford, a town 50 miles north of Boston that is ranked number one in median household income in the state. The asset is strategically situated on the four-lane State Route 3 within a mixed-used upscale retail development.
With 15 physicians and nine nurse practitioners and physician assistants, New Hampshire NeuroSpine serves as the area’s dominant neuro-spine care provider. Providers within the group are affiliated with and have clinical privileges at multiple hospitals in the area, including Catholic Medical Center and Concord Hospital. The group also provides quality spine care at two other locations in Concord and Nashua, New Hampshire.
“In this sale-leaseback transaction we collaborated with the sellers to optimize the value of the real estate,” said Chip Conk, CEO of Montecito Medical. “This medical office building really checks all the boxes for the key attributes we look for — fantastic location with dominant provider as tenant and a long-term lease — and besides that, it’s gorgeous real estate. We are proud to add to this property to our growing portfolio of premier medical office real estate.”
Constructed in 2004 as a build-to-suit for New Hampshire NeuroSpine, the property serves as the group’s main office and houses the practice’s only ambulatory surgery center. The building’s first floor includes an ambulatory surgery center (ASC) with two operating rooms and four prep and recovery rooms as well as an MRI imaging suite. The second floor of the building is primarily devoted to clinical office space and a physical therapy rehab center.
“We are very excited about this transaction, which represents our ninth acquisition so far this year, with another 22 assets in the queue to close by July,” said Chris Conk, Senior Vice President for Acquisitions and Principal at Montecito Medical. “We had very ambitious goals for 2019, and we’re already exceeding our own expectations. We anticipate reaching our goal of $1 billion in medical real estate acquisitions this year as we continue to grow.”
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., Portland, Ore. and Orange County, Calif. Since 2005, it has completed transactions in 28 states involving more than $3.2 billion in medical real estate and totaling over six million square feet. 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, Urology of Virginia, Bon Secours, Maine General, EmergeOrtho and State of Franklin Healthcare Associates.
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