NASHVILLE, Tenn.--(BUSINESS WIRE)--Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a 49,500 square-foot medical office building in Flowood, Mississippi.
The building, which opened in 2018, is 100% leased to Capital Ortho, a practice group with locations across the Jackson area. The property features an ambulatory surgery center with four operating rooms as well as clinical orthopedic services and physical therapy.
“It was a pleasure working directly with leadership and the physician-owners on this sale-leaseback acquisition,” said Tyler Rhoades, Director of Acquisitions at Montecito. “We are thrilled to add yet another strong orthopedic asset to our growing portfolio across the South and excited to further expand our presence in Mississippi.”
Capital Ortho, which has served the area since 1990, is a well-established group with 11 surgeons, 11 physician assistants and nurse practitioners and 12 physical therapists. The group uses the Flowood property as its hub and maintains other offices in Madison and Clinton, Mississippi, along with several satellite locations across the area.
“We were attracted to the fundamentals of this innovative orthopedic group and are excited to partner with the physicians of Capital Ortho as they continue to grow as a practice,” said Chip Conk, CEO of Montecito Medical.
“I would like to thank Tyler, Chip and all the people at Montecito for their hard work and cooperation to get this deal completed,” said Jeff Bedford, CEO of Capital Ortho. “It was a pleasure working with Montecito on this transaction.”
About Montecito Medical
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 medical real estate owners and healthcare providers seeking to monetize or expand their holdings. Since 2006, it has completed transactions across the United States involving more than $5 billion in medical real estate. Headquartered in Nashville, TN, Montecito has been named as a “key influencer in healthcare real estate” for four consecutive years by GlobeSt.com and the editors of Real Estate Forum. Chip Conk, the company’s CEO, was named Healthcare Real Estate Executive of the Year for 2021 by Healthcare Real Estate Insights. For more information about Montecito Medical, please visit www.montecitomac.com.
