NASHVILLE, Tenn.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/commercialrealestate?src=hash” target=”_blank”gt;#commercialrealestatelt;/agt;–Montecito Medical Real Estate, a premier owner of medical office
buildings throughout the U.S., has finalized the acquisition of
Murfreesboro Medical Properties, LLC, owner of a top-tier medical office
building in Murfreesboro, Tenn., which is home to one of the state’s
largest multi-specialty physician groups.
The three-story, 221,000 square-foot building is 100-percent occupied by
Murfreesboro Medical Clinic (MMC). With more than 80 physicians and over
600 employees, the clinic offers services in more than 20 different
specialties at the office property. It also houses an ambulatory surgery
center and radiology department.
“We could not be more excited about the acquisition of this organization
with a major medical office property in our own back yard,” said Chip
Conk, CEO of Montecito Medical. “The selling physicians reinvested back
in to the entity acquiring the property, so they maintain some ownership
in this prime real estate, which has all of the attributes we especially
prize: a beautiful and well-designed, Class-A building; a long-term
lease by a practice group that is a well-established market leader; and
an optimal location in a rapidly growing area. We are proud to add to
this property to our growing portfolio of premier medical office real
estate in Middle Tennessee.”
Murfreesboro, a suburb of Nashville, is one of the fastest growing
cities in Tennessee. The medical office building is situated adjacent to
St. Thomas Rutherford Hospital, which operates 305 beds and is the
largest healthcare facility in the Murfreesboro market. Physicians at
MMC have admitting and surgical privileges at the hospital, which is
part of Saint Thomas Health, the largest faith-based healthcare system
in the state.
“In 2005, the physician leaders of Murfreesboro Medical Clinic began
looking for real estate to build a new facility,” noted Joseph A. Peay,
MMC’s Chief Executive Officer. “Shortly after we started construction in
2007, we began receiving queries from investors seeking to purchase our
property. In 2018, we finally decided it was time to seriously consider
our options. After receiving strong offers from several potential
investors, including both publicly-traded REITs and private equity
firms, we determined Montecito Medical would be the best partner going
forward. We heard from colleagues at other clinics who had used
Montecito and were pleased with the process as well as the working
relationship following the transaction. Now that the acquisition of
Murfreesboro Medical Properties is complete, we continue to feel that we
made the right choice.”
The property, on Garrison Drive in Murfreesboro, is also advantageously
located in close proximity to major retail sites in a highly accessible
area of the city bounded by Interstate 24, US 41, State Highway 96 and
North Thompson Lane.
The clinic offers care in specialties that include internal medicine,
family medicine, pediatrics, obstetrics/gynecology, gastroenterology,
general surgery, ophthalmology, otolaryngology (ENT), pain and physical
medicine, plastic surgery, dermatology, endocrinology, neurology,
podiatry, rheumatology, spine and joint care, vascular surgery, urology
and imaging (including digital mammography, ultrasound, CT, MRI, EKGs
and bone densitometry). The surgery center contains four operating rooms
and three GI suites where more than 725 surgical cases are performed
each month.
The first phase of the property opened in 2008 with 78,000 square feet.
The 143,000-square –foot second phase, constructed on a build-to-suit
basis for Murfreesboro Medical Clinic, opened in 2013.
Murfreesboro Medical Clinic (MMC), founded in 1949, is one of the most
established physician groups in the area. The practice has received
numerous honors, and 18 of its physicians were recognized among the
Nashville area’s top doctors in 2018. In addition, MMC was awarded five
out of five stars in excellence in quality in patient care by Blue
Cross-Blue Shield of Tennessee’s Quality Care Partnership Initiative
Program. The group also received a score of 100 percent in quality last
year by the Center for Medicare Services.
Anthony Lunceford and Joe Massa, who are Executive Managing Directors
and Woody Widenhofer, Vice President, of Colliers International
Healthcare Investment Services advised both the seller and the buyer and
were critical in getting this complicated transaction closed.
Murfreesboro Medical Properties, LLC was represented by Joey Peay, CEO,
Matthew Stearns, CFO, and Josh McCreary, corporate counsel.
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 completed transactions in 28 states involving more
than $3.16 billion in medical real estate and totaling over six million
square feet. 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, Urology of Virginia, Bon
Secours, Maine General, EmergeOrtho and State of Franklin Healthcare
Associates.
Contacts
Joellyn Shannon, VP Marketing & Strategic Initiatives
[email protected]
| 615.921.3849 | www.MontecitoMac.com
