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Montecito Medical Acquires Middle Tennessee Building

NASHVILLE, Tenn.--(BUSINESS WIRE)-- Montecito Medical Real Estate, one of the largest, privately held firms in the country devoted exclusively to medical real estate, has acquired the 16,500 square-foot Saint Thomas - Mt. Juliet medical office building in rapidly growing Mt. Juliet, Tennessee, approximately 18 miles east of downtown Nashville.

This Class A medical office building was just recently constructed in 2017 and is 100% leased to Saint Thomas Health. It is conveniently located on a prime piece of real estate adjacent to Providence MarketPlace, a 103-acre retail center, the largest open-air shopping destination in Middle Tennessee.

“Since we’re headquartered in Nashville, we’ve kept a close eye on the development of this important project,” explained Chip Conk, CEO of Montecito Medical. “We’re thrilled to add this asset to our expanding portfolio and look forward to closing additional projects in this market soon.”

Services at this Mt. Juliet location include family medicine, primary care, pulmonary and sleep medicine, cardiology, X-rays, lab services, center for sleep, physical therapy, and express care.

Saint Thomas Health (STH) is an integrated health delivery system based in Nashville, Tennessee composed of nine hospitals and 92 outpatient locations covering 32 counties; the aggressive expansion into outpatient facilities by the health system is expected to continue as they widen their reach into high-growth communities of Middle Tennessee. Mt. Juliet is one of the fastest growing cities in the country, having experienced almost 30% increase in population from 2010 – 2015.

STH is a member of Ascension Health, a Roman Catholic organization that is the largest not-for-profit health system in the United States and includes approximately 150,000 associates and 36,000 aligned providers.

Saint Thomas- Mt. Juliet is the 26th medical office building that Montecito has acquired year-to-date in 2017 and the 100th medical office building since inception, representing more than $1.7 billion and over 5 million square feet.

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 real-estate owners and healthcare providers seeking to monetize or expand their holdings. Montecito has offices in Nashville, Tennessee, Austin, Texas and Orange County, California. Since 2005, it has acquired more than $1.7 billion in medical real estate totaling over 5 million square feet in 25 states. To date, Montecito has more than $1 billion in capital available to expand holdings 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, Bon Secours, Maine General, EmergeOrtho and State of Franklin Healthcare Associates.

View source version on businesswire.com: http://www.businesswire.com/news/home/20171101005222/en/

Montecito Medical Real Estate
Joellyn Shannon, 615-921-3849
VP Marketing & Strategic Initiatives
Jshannon@MontecitoMac.com
www.MontecitoMac.com

Source: Montecito Medical Real Estate