NASHVILLE, Tenn.--(BUSINESS WIRE)--Montecito Medical, a premier owner of medical office buildings throughout the U.S., has announced the acquisition of nine, Class-A medical office buildings in North Carolina, anchored by OrthoCarolina, one of the nation’s leading independent academic orthopedic groups.
All properties are occupied by OrthoCarolina, which has served North Carolina and the Southeast since 1922. The portfolio totals 208,085 square feet located throughout nine North Carolina metropolitan areas: Winston-Salem, Charlotte, Monroe, Matthews, Shelby, Laurinburg, Boone, Concord and Mooresville.
Under the terms of the transaction, OrthoCarolina will continue to occupy the medical office buildings under long-term leases from Montecito Medical. In addition, OrthoCarolina will continue to manage the properties, and the group will be able to participate with Montecito in the continued ownership of the buildings.
“This was a fairly complex transaction, but Montecito Medical made the process streamlined and efficient, which was important for our team of specialists to continue to focus on providing excellent healthcare services,” said Bruce E. Cohen, MD, Chief Executive Officer of OrthoCarolina. “We also really valued the ability to maintain ownership in the real estate and the opportunity to maintain management of the property.”
According to Becker’s Healthcare, OrthoCarolina is the second largest orthopedic group in the United States. The group’s providers offer comprehensive musculoskeletal care, including operative and nonoperative care, diagnostic imaging and rehabilitative therapy. Widely known for award-winning musculoskeletal research and training, OrthoCarolina’s physicians have specialized expertise in foot & ankle, hip, knee, shoulder, elbow, spine, sports medicine, hand, pediatric orthopedics, physical medicine and rehabilitation. The practice has more than 160 surgeons and 1,600 employees in 35 locations, and provides medical services to more than one million patients a year.
All nine medical office buildings are strategically located in close proximity to market-leading hospitals; the majority are within a one-mile drive of the OrthoCarolina facilities. All of the buildings in the portfolio have significant buildouts to accommodate the many procedures OrthoCarolina doctors perform. Special features include mobile MRI pads, X-ray rooms, MRI rooms and emergency generators. Three of the buildings also have two-room ambulatory surgery centers, an important asset that enables them to handle entire care episodes under one roof.
“We are very proud to add the world-class OrthoCarolina Buildings to our portfolio, and we appreciate the long-term leases and top-quality tenancy,” said Chip Conk, CEO of Montecito Medical. “With this acquisition, Montecito now owns medical office buildings occupied by three of the top ten largest orthopedic groups in the nation, and we are focused on continuing to add value to those relationships. While OrthoCarolina is recognized as one of the leading orthopedic groups in the country, they are also very involved in the Charlotte community and have a strong and highly valued presence throughout the entire region.”
With the addition of the OrthoCarolina portfolio, Montecito Medical has acquired 26 medical office buildings in 2017 and encompassing approximately 830,000 square feet.
About Montecito Medical Real Estate
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. Since 2005, the company has acquired more than $1.9 billion in medical real estate totaling over 5 million square feet in 25 states. 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, Bon Secours, Maine General, EmergeOrtho, Aurora, Virginia Urology and State of Franklin Healthcare Associates. Montecito has offices in Nashville, Tennessee; Austin, Texas; and Orange County, California.
