Company builds relationship with primary care physician network
NASHVILLE, Tenn., June 9, 2022 — Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a portfolio of three medical office properties in the Atlanta Metro area.
The buildings, which collectively offer more than 26,000 square feet of rentable space, are located in McDonough, Locust Grove and Monticello, Georgia. The properties are 100% leased to a single tenant, VillageMD Georgia.
“We have acquired a number of medical office properties in the Atlanta area over the past several years, and we are excited to expand our investment with the addition of these three assets,” said Colin Verlac, Acquisitions Associate at Montecito Medical. “We also look forward to expanding our relationship with VillageMD.”
With a focus on primary care and family medicine, VillageMD Georgia supports providers across Georgia to deliver higher-value care, using solutions and services that improve clinical outcomes, enhance patient and physician satisfaction, and lower the total cost of care.
VillageMD Georgia is a result of a collaboration between VillageMD and Quality Care Providers, Inc. (QCPI), the largest independent primary care physician network in Georgia. Across the country, VillageMD’s platform supports providers at more than 200 clinic locations in 15 markets and 12 states.
“From the initial letter of intent all the way to the closing table, the entire team at Montecito Medical proved themselves to be class acts,” said Chris Biuso, Vice President Investments at Marcus & Millichap. “Knowing the buyer’s substantial track record in the Atlanta market gave the sellers confidence that Montecito was the right buyer for this high-quality, net leased medical portfolio opportunity. The smooth transaction is a feather in Montecito’s cap, and we know it will be an excellent long-term investment.”
McDonough, Monticello and Locust Grove are all exurban communities in the southeast quadrant of the Metro Atlanta area. The area, composed of 29 counties and a population of more than 5.7 million people, is one of the fastest-growing metros in the United States.
Since 2019, Montecito has acquired 20 medical office properties in Georgia, including 15 in the Metro Atlanta area.
“The fast-growing submarkets around Atlanta are dynamic locations that offer tremendous opportunity for our company, along with great opportunities for us to help physicians in this area to build wealth and build stronger practices through smart real estate strategies,” said Montecito CEO, Chip Conk.
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