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Nashville-Based Montecito Medical Expands Health-Care Portfolio With Two MOB Assets

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Nashville-based Montecito Medical has acquired two medical office buildings in Peoria, Ariz., and Granbury, Texas.

The purchases were separate transactions and part of the company’s steady expansion of its health-care real estate portfolio.

Montecito purchased Banner Health Center for $29 million from Banner Health. The property, completed in 1989, encompasses 68,000 square feet across 5.7 acres. The Class B three-story facility features controlled access and includes 308 parking spaces.

Located at 13640 N. Plaza Del Rio Blvd., the medical office building is 17.4 miles from Phoenix and is situated close to Arizona State Route 101. Other medical facilities in the surrounding area include Banner Thunderbird Medical Center, Banner Boswell Medical Center and Banner Rehabilitation Hospital West, among others.

JLL Capital Markets represented the seller and procured the buyer. The team included Senior Managing Director Mindy Berman, Director Matt Dicesare and Managing Director John Chun, alongside Executive Managing Director Pat Williams.

Growing A Texas Portfolio

The Texas property encompasses 14,600 square feet and Montecito purchased the asset from Granbury Health Real Estate, according to CommercialEdge data. Hood County records show that the facility was subject to a $34 million loan with a maturity date set for 2028, provided by First Citizens Bank and Trust Co.

The loan covered two other facilities located in Indianapolis, Ind., and Plano, Texas, the second being a 31,247-square-foot property purchased from Certainty Home Loans.

The Class B building, completed in 2007, includes four operating rooms and offers several medical procedures in gastroenterology, neurology, orthopedics, ENT, ophthalmology and pain management. The facility is fully leased to Baylor Scott & White Surgicare at Granbury.

The property is located at 1717 Paluxy Highway, 40 miles from Fort Worth and has access to Highway 377. The facility is less than 1 mile from Lake Granbury Medical Center, with other medical providers in the area including Texas Emergency Medical Service and Epic Orthodontics.

With this acquisition, Montecito expanded its already sizeable Dallas-Fort Worth footprint. Since 2021, the company acquired 15 medical office properties in the area.

 

Source: Commercial Property Executive

Vanbarton Healthcare Group and Tramview Capital Management Joint Venture Plan $100 Million Investment into Healthcare Properties Nationwide

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Vanbarton Healthcare Group, a newly formed operating division of New York City-based real estate investment manager Vanbarton Group LLC, is teaming with Tramview Capital Management in a joint venture targeting healthcare investments in select markets throughout the country.

Earlier this year, Vanbarton Group launched a healthcare division led by industry veterans Steve Leathers and Sean Leahy. Vanbarton Healthcare Group plans to acquire high quality medical office and specialty healthcare properties in growing markets throughout the US. With its healthcare joint venture partner Tramview, the division is targeting approximately $100 million of healthcare investments in the coming quarters.

The venture’s first closing consists of two medical office buildings totaling approximately 19,000 square feet in Port Charlotte and Venice, Florida which are fully leased to one of the largest providers of eye care services in Southwest Florida.

The acquisition included the flagship location for Community Eye Centers located adjacent to two major acute care hospitals with over 500 beds in Port Charlotte, Florida. The second location in Venice, Florida is located on the Tamiami Trail Road, a major route along Western Florida with approximately 41,000 cars passing per day. Each of these properties benefit from significant demographic tailwinds with both above average population growth and disproportionately high over 65 population who are large consumers of ophthalmic care.

“The recent Florida closings are indicative of Vanbarton Healthcare Group’s strategy of identifying overlooked pockets of value in an increasingly popular healthcare investment arena,” said company principal Steve Leathers. “Both properties offer steady cash flow with minimal landlord obligations coupled with attractive annual rental increases.”

The Vanbarton and Tramview joint venture will continue to seek similar opportunities in the healthcare real estate vertical in strong markets throughout the United States.

“The acquisition of these two well-located properties aligns with our strategy to aggregate well leased, quality medical office assets in U.S. markets with strong fundamentals,” said Rob Davies, Managing Partner of Tramview Capital Management. “Vanbarton has built a first-rate team, and we are thrilled to partner with them in executing this investment strategy.”

Vanbarton Group, LLC, is a vertically integrated real estate investment manager for global institutional investors. The New York-based firm has approximately 50 employees located in several offices throughout the country including New York, San Francisco and Seattle. For more information visit vanbartongroup.com.

Tramview Capital Management is a value-oriented real estate investment management firm focused on investing in institutional quality real estate in targeted growth markets across the U.S. Tramview was formed in 2020 and is currently investing its second comingled fund. Tramview leadership has overseen and managed approximately $5 billion of equity invested globally across all property types and throughout the capital stack on behalf of institutional clients (e.g. pension funds, sovereign wealth funds, endowments, foundations) and high net worth individuals. For more information, visit http://www.tramview.com.

 

Source: PRWeb