FOR IMMEDIATE RELEASE
December 20th, 2019
Nashville, Tenn. — Montecito Medical Real Estate, a leading owner of medical office buildings throughout the U.S., has finalized the acquisition of a premier medical office building and surgery center in Goochland, Virginia.
The property, with just under 70,000-square-feet, is 86 percent-occupied. The building’s anchor tenant is the MEDARVA Stony Point Surgery Center at West Creek which houses 6 operating rooms. The state-of-the-art ambulatory surgery center is accredited by the Accreditation Association for Ambulatory Health Care, Inc. (AAAHC) and is licensed by the Virginia Department of Public Health.
The asset offers a full range of services including primary care, cardiovascular services, spine center, gastroenterology, OB/GYN and plastic surgery. The class A facility was constructed in 2015, with a 9,000-square-foot expansion completed in 2017 and is equipped with the most advanced technology and surgical instrumentation for the group’s outpatient surgical and medical procedures.
The building is located in the West Creek Business Park, one of the Richmond region’s premiere business parks in Goochland County, at the intersection of State Route 288 and West Creek Parkway. In May 2018, a joint venture between Sheltering Arms Rehab Institute and VCU Health broke ground on a 114-bed, 200,000-square-foot hospital at 2000 Wilkes Ridge Parkway, located adjacent to the subject property.
“I am from Richmond and know this growing and affluent area very well. Our team was extremely impressed with this medical office building and surgery center and we enjoyed working with Lingerfelt Commonwealth Partners to get this exceptional real estate closed,” explained Chris Conk, a principal at Montecito Medical. “As we approach the end of the year, we still have two additional assets to close to wrap up our best year ever – we’re looking forward to an exciting 2020”
Several other healthcare tenants occupy the building, including Commonwealth Primary Care, Virginia Cardiovascular Services, National Spine and Pain Center, Virginia Oculofacial Surgeons, Virginia Physicians for Women, Richmond Plastic Surgeons, Richmond Gastroenterology Associates, and West End Facial Plastic Surgery.
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, TN, Austin, TX, Portland, OR and Orange County, CA. Since 2005, it has completed transactions in over 30 states involving more than $3.8 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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