FOR IMMEDIATE RELEASE
February 24, 2022
Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of Riverpark Medical Center in Vidalia, Louisiana.
The 44,500 square-foot, multi-tenant building is 100% leased.
“With the exception of overnight hospital beds and an emergency room, this facility offers the capabilities of a full-service hospital,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical. “We are pleased to have been selected as the buyer for this outstanding asset.”
Riverpark Ambulatory Surgery Center and Merit Imaging are the building’s anchor tenants, leasing 57% of the space. The remainder of the rentable space is leased to medical tenants that include an orthopedics center, a sports medicine and physical therapy center, a gastroenterology clinic, an ENT clinic, an ophthalmology surgery center and urgent care.
Riverpark ASC includes three state-of-the-art ORs, where physicians perform procedures for ENT, orthopedics, gastroenterology, general surgery, pain management and ophthalmology. Merit Health Imaging Center, which is part of Merit Health – Natchez, includes high-resolution MRI, multi-slice light speed CT, and digital mammography capabilities.
Vidalia is one of the fastest growing healthcare markets in Louisiana, encompassing both Concordia Parish and Natchez/Adams County, Mississippi, just across the Mississippi River. Riverpark Medical Center is situated in central Vidalia along the riverfront with convenient access to main roadways from the Natchez-Vidalia Bridge. The facility attracts patients from both sides of the river.
“The doctors at Riverpark welcome the alliance of Montecito and Merit Health,” said John A. White, M.D. “Having Merit on board will broaden our imaging and surgery center’s impact and encourage new specialists to join the faculty at Riverpark Medical Center. Montecito’s experience in managing medical properties will help ensure that Riverpark remains a vital part of providing medical care in the Miss-Lou area.”
Andrew Larwood and Allen Inman of Capital Real Estate Group represented the seller in the transaction.
The Vidalia acquisition expands Montecito’s growing footprint in Louisiana. In the past year, the company also has acquired medical office properties in Lake Charles and Shreveport. “We like the fundamentals of this area, and our pipeline includes other medical properties in both Louisiana and Mississippi,” said Montecito CEO Chip Conk. “We are excited by the opportunities here to help physicians make the most of their medical real estate.”
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 medical real estate owners and healthcare providers seeking to monetize or expand their holdings. Since 2006, it has completed transactions across the United States involving more than $5 billion in medical real estate. Headquartered in Nashville, TN, Montecito has been named for four consecutive years as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Real Estate Forum. The company’s CEO, Chip Conk, was named Healthcare Real Estate Executive of the Year for 2021 by Healthcare Real Estate Insights. For more information about Montecito Medical, please visit www.MontecitoMac.com.
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