NASHVILLE, TN (April 25, 2016) – Montecito Medical, a premier owner of medical office buildings throughout the U.S., announced that it recently acquired two Class A medical office buildings, located in the “Med Tech Corridor” of Johnson City, TN that serves as a regional medical center for northeast Tennessee and southwest Virginia.
The properties sit on 12.6 acres directly across from the newly built and LEED certified 80-bed Franklin Woods Hospital, which also houses a 22-room Emergency Department.
Built in 2008, the State of Franklin Healthcare Associates (SOFHA) is a 112,422 square foot facility that is 100% occupied with over 500 employees and 100 providers in the specialties of internal medicine, OB/GYN, family practice, pediatrics, hospitalists and sleep medicine.
303 Med Tech was built in 2010 and is a 57,233 square foot medical office building that is also 100% occupied. Mountain States Health Alliance (MHSA) is the largest tenant, occupying 67% primarily with rheumatology, endocrinology and corporate administrative space. With over 9,000 employees, MSHA is the dominant health system in the market.
“SOFHA is a premiere provider of Healthcare to the Tri-Cities Tennessee-Virginia region and we are very proud to be their real estate partner with the purchase of these two state-of-the-art healthcare facilities,” said Chip Conk, CEO of Montecito medical.
About Montecito Medical
Montecito Medical is one of the nation’s largest, privately held companies specializing in acquiring medical related real estate. Since 2005, Montecito has been dedicated to being the preferred resource for healthcare real estate owners and healthcare systems seeking to monetize or expand their real estate holdings.
Montecito Research and Analytics, a wholly owned subsidiary of Montecito Medical, is a proprietary Market Intelligence System comprised of over 10 terabytes of complex healthcare and demographic information. This research platform allows Montecito to drill down through all 30,000 zip codes in the U.S. to determine medical market viability to assess value, as well as providing an analysis of unmet needs for additional inpatient beds, ancillary services, post-acute facilities and additional physician specialty needs within an individual market.
For more information, please visit MontecitoMac.com.
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