Montecito Medical Real Estate Acquires MPoA Medical Office Portfolio

Montecito Medical Real Estate, a premier owner of medical office properties throughout the U.S., has completed the acquisition of six medical office buildings that were part of the portfolio of Medical Properties of America (MPoA).

The six properties span four states and include:

• Four facilities operated by Outpatient Imaging Affiliates (OIA) in Nashville, TN; Knoxville, TN: Madison, AL; and Wake Forest, NC.

• Clarksville Surgery Center in Clarksville, TN.

• Hartmann Commons in Lebanon, TN

Altogether, the properties that Montecito acquired from MPoA involve more than 80,000 square feet.

“As a company, we have been super active in seeking out and evaluating prime medical office properties at a time when many buyers have pulled back from the market,” said Chip Conk, CEO of Montecito Medical Real Estate. “You can see the fruit of our efforts in an acquisition like this, involving an outstanding group of medical office assets.”

The four MOBs in the OIA portfolio, which total 51,621 square feet, are 100% leased to Outpatient Imaging Affiliates, the ninth-largest operator of non-hospital imaging facilities in the US. The facilities were constructed between 1984 and 2000, with substantial investments in capital improvements and systems upgrades since 2012.

The Clarksville Surgery Center is a fully leased, 12,656 square-foot freestanding ambulatory surgical facility involving a partnership between United Surgical Partners International (USPI) and St. Thomas Health System. The center is strategically located in a fast-growing market located one hour northwest of Nashville near the Tennessee-Kentucky border.

Hartmann Commons is a one-story, 15,907 square-foot medical office building Lebanon, TN, a growing exurb east of Nashville. The building, constructed in 2013, is anchored by Tennessee Oncology, one of the nation’s largest community-based cancer care specialty groups.

 

Source: HREI