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MedTech Outlook | Friday, January 18, 2019
Healthcare providers face different challenges in the face of weakening admissions, changing consumer healthcare expectations, tight operating margins, lowering budgets, and changing policy. Many health systems aim to expand their access points to capture more patients and drive referrals in the face of these challenges. This results in a more real estate property footprint with the aim of providing easier access to patients driven by advances in technology, cost, and consumer care.
Montecito Medical is one of the largest private companies in the United States focusing entirely on the acquisition of property in medical office buildings( MOBs). The company helps hospitals convert their real estate assets into medical assets. Also, it monetizes assets for developers and owners and provides world-class service to hospitals, doctors, and tenants.
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Founded in 2005, Real Capital Analytics named Montecito Medical is the second fastest growing medical-related property company in the country. To date, Montecito has purchased over $1.2 billion in medical office property in 22 countries.
As an owner of medical office properties in the United States, Montecito has successfully completed the acquisition of a two-building main medical office complex. Both buildings were occupied by the Premier Medical group, one of the largest medical specialist groups in the market area of Clarksville-Montgomery County. The buildings are used for serving as medical offices.
Built in 2016, building 1 has an area of about 55,000 square feet. Premier Medical Group uses the space to provide family medicine, internal medicine, occupational and travel medicine, a walk-in clinic, imaging, and laboratory services. Building 2, built in 2018, has a capacity of 54,000 square feet. On the lower floor, Premier Medical Group offers pediatric services to include a walk-in clinic for seven days a week. The upper floor has obstetrics and gynecology, as well as the administrative, business, and scheduling services of the practice.
The transaction between Montecito and Premier Medical Group was handled by Anthony Lunceford and Joe Massa, Colliers International Healthcare Investment Services Executive Directors. Both Lunceford and Massa worked closely with Montecito to close down these top medical property assets.
Montecito will continue to expand its real estate property partner program alongside the acquisition of the Premier Medical Group. Their experience with the properties and great references has provided the sellers with comfort and certainty.
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