NASHVILLE, Tenn.--(BUSINESS WIRE)--Montecito Medical Real Estate, the nation’s top privately held buyer of medical office properties throughout the U.S., has acquired the primary office building of one of Arizona’s leading ophthalmology practices.
The Retinal Consultants of Arizona and Retinal Research Institute Medical Office Building in North Phoenix serves as the headquarters for Retinal Consultants of Arizona (RCA), which maintains 35 locations across Arizona. Established in 1980, RCA has grown to become one of Arizona’s largest and most experienced ophthalmology practices, with 10 physicians and 150 employees focused on the diagnosis and management of the retina and vitreous. RCA is also one of the nation’s largest research organizations to advance new therapies and treatment options.
“We are very excited about aligning with one of the largest and renowned ophthalmology groups in Arizona and expanding our presence in the Phoenix market,” said Chip Conk, CEO of Montecito Medical. “This exceptional property represents the 11th medical office building our company has acquired in 2018 and perfectly complements our strategy and growth projections.”
The two-story, 36,796 square-foot property offers the latest technology and treatment for patients requiring specialized skills. The building was originally constructed in 1988 as a large fitness center and fully renovated in 2017 as a strategic build-to-suit for RCA.
RCA currently occupies 72 percent of the office building’s rentable area. The remaining space — more than 10,000 square feet — is leased by an affiliated entity, Spectra Eye Institute.
A market leader, Spectra Eye Institute, is a private outpatient surgical center dedicated to ophthalmic surgical care. Its facility — one of two in Arizona — includes four operating rooms and state-of-the-art equipment to provide comprehensive ambulatory ophthalmic surgery services, including laser treatments and a variety of outpatient surgical operations such as cataract, retina and cornea procedures.
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. Montecito has offices in Nashville, Tenn., Austin, Tex., Portland, Ore., and Orange County, Calif. Since 2005, it has transacted on more than $2.33 billion in medical real estate totaling over six million square feet in 28 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, Urology of Virginia, OrthoCarolina, Bon Secours, Maine General, Carolinas Health System, EmergeOrtho and State of Franklin Healthcare Associates.
