TMCnet News
Montecito Medical Acquires 19th Property Since August 2015Montecito Medical, a Nashville-based premier owner of medical office buildings throughout the U.S., has acquired the Terrace Park Professional Center in Bettendorf, Iowa. The three-story, Class-A medical office building encompasses 59,615 square feet and is directly connected to the 139-bed Trinity Medical Center. Both were built in 2004. Onsite specialties include orthopedics, OB/GYN, wound care, MRI, neurology, family medicine, pain management and pediatrics. "In addition to this being a beautifully designed facility, we really valued the strategic location where Terrace Park is actually attached to the award-winning hospital," said Montecito Medical CEO Chip Conk. "We also appreciated the long-term leases with top-quality tenancy." Trinity Bettendorf is the newest hospital in the region and in 2015, it received Women's Choice Awards as America's Best Hospital for Obstetrics and for Emergency Care. Key tenants are Trinity Medical Center and UnityPoint Clinic, which lease a combined 83% of the total rentable area. UnityPoint Health is Iowa's first and largest healh system providing care throughout Iowa, western Illinois and southern Wisconsin. Terrace Park was acquired from Lockard Development, Inc., a nation-wide integrated real estate firm founded in 1951. "It was important to us that Montecito allowed us to continue to manage the property and thereby maintain our 15-year relationship with Trinity," explained David Wilson, CCIM, Lockard's executive vice president. "Montecito's process was hassle-free and we look forward to working with them in the future." Since 2005, Montecito has acquired more than $1.2 billion in medical real estate totaling over 4 million square feet in 22 states. To date, the company has more than $1 billion in capital available to expand holdings in Class-A medical office buildings throughout the United States. About Montecito Medical Montecito Medical is one of the nation's largest privately-held companies specializing in healthcare-related property acquisitions, management and development. The company is a leading resource for both real-estate owners and healthcare systems seeking to monetize or expand their holdings. Montecito has offices in Nashville, Austin and Orange (News - Alert) County, California. Its current portfolio and healthcare system relationships include UCLA, Cleveland Clinic, Johns Hopkins, Holston Medical Group, Carolinas Health System, Bon Secours, Maine General, OrthoCarolina and State of Franklin Associates. For more information, please visit MontecitoMac.com. View source version on businesswire.com: http://www.businesswire.com/news/home/20160815005039/en/ |
