Richmond, VA
RICHMOND, VA—Montecito Medical reports it has acquired a four-building medical office building portfolio here.
The four properties in the portfolio—Boulders Medical Office Building (65,000 square feet), Memorial Regional Building (59,000 square feet), Johnston Willis Medical Office Building (18,000 square feet), and Prince George Condominium (11,000 square feet)—total more than 152,000 square feet in Class A medical office space and have an occupancy rate of nearly 100%.
OrthoVirginia, the largest individual tenant in the portfolio, leases space in all four buildings that accounts for 58% of the total square footage. Bon Secours Memorial Regional Hospital leases approximately 20%, as does Chippenham & Johnston Willis Hospital, which is owned by Hospital Corporation of America.
OrthoVirginia is the state's largest provider of orthopedic and therapy care, with more than 100 physicians and 22 locations. HCA and Bon Secours are among the nation's leading providers of healthcare services, Montecito notes.
“We've always been very impressed with this real estate, which has been on our radar for about five years,” says Chris Conk, a principal of Nashville-based Montecito Medical. “We are excited finally to add these stellar properties to our portfolio, which already includes a significant presence in Virginia. Each of the buildings is ideally located on or adjacent to campuses of leading health systems, enabling us to build strong relationships with these providers and further adding to the value and attractiveness of the portfolio.”
The transaction represents the 24th medical office building transaction for Montecito in 2018. Since 2005, it has completed transactions in 27 states involving more than $3.16 billion in medical real estate and totaling more than 6 million square feet.
Its current portfolio and healthcare system relationships include UCLA, Cleveland Clinic, Johns Hopkins, Holston Medical Group, Carolinas Health System, Urology of Virginia, Bon Secours, Maine General, EmergeOrtho and State of Franklin Healthcare Associates.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
