Montecito Medical Acquires Large Orthopedic Medical Office Building, Expanding Virginia Footprint
FOR IMMEDIATE RELEASE
August 6th, 2019
Nashville, Tenn. — Montecito Medical, a premier owner of medical office properties throughout the U.S., has acquired a Class-A medical office building in Lynchburg, Virginia, from OrthoVirginia, the state’s largest provider of orthopedic and therapy care.
Constructed in 2008, the facility was built-to-suit for OrthoVirginia, which occupies 100 percent of the nearly 88,000 square-feet of space. OrthoVirginia is Lynchburg’s largest multidisciplinary musculoskeletal practice, with 20 physicians on staff. Through this location the practice provides a range of services, including general orthopedics, physical therapy, sports medicine and care for joint replacement patients. The building offers a prime location at 2405 Atherholt Road, less than a mile from Lynchburg General Hospital.
The Lynchburg acquisition builds on a relationship that Montecito has established with OrthoVirginia, which offers the services of more than 100 physicians spread across 22 locations in the state including 7 Ortho On Call locations.
“The team at OrthoVirginia have been great partner of ours, and we are excited to continue our relationship by adding another of their high-quality assets to our portfolio,” said Chip Conk, Chief Executive Officer of Montecito Medical Real Estate. “We acquired three of their buildings representing 152,000-square-feet late last year. This transaction marks the eighth asset our company has acquired in Virginia, and it further solidifies our position as one of the fastest growing medical real estate companies in the country.”
The Lynchburg transaction represents the 21st medical office building acquisition for Montecito Medical in 2019, representing almost 800,000 square feet.
“It’s been a pleasure working with Montecito through this transaction.” said Barbie Hayes, CAO of OrthoVirginia. “We look forward to a productive long-term partnership as we continue to provide the highest quality of care to our patients in the Lynchburg community and across the state of Virginia.”
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 $3.5 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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