Montecito Acquires Medical Office Building of Leading Primary Care Provider in Rhode Island
NASHVILLE, Tenn.--(BUSINESS WIRE)--Sep 18, 2018--Montecito Medical Real Estate, a premier owner of medical office buildings throughout the U.S., has acquired the University Medicine Medical Office Building in East Providence, Rhode Island.
The four-story, 68,500 square-foot property is the largest facility for University Medicine, which operates nine other clinics throughout Rhode Island. The building was constructed in 2016 and is predominantly occupied by UM. The property is strategically located at the junction of Wampanoag Trail and Route 114 - East Shore Expressway, which is the primary artery connecting Providence to the East Providence and Barrington area.
“Our company was impressed with not only the robust medical market dynamics in the Providence area, but also the practice itself, which is one of the strongest primary care groups in the state of Rhode Island,” said Chip Conk, CEO of Montecito Medical. “We are very excited to add this premier property to our growing portfolio of medical real estate, and to our expanding presence in New England.”
University Medicine currently occupies 79 percent of the building, which also houses three smaller tenants, Brown Dermatology, Performance Physical Therapy and Asthma & Allergy Physicians of Rhode Island.
The University Medicine Medical Office Building is designed as LEED-sensitive, featuring energy-efficient HVAC and other mechanical systems and sustainable materials. Externally and internally, and in both the clinical treatment and common areas, the property was designed to create a distinct aesthetic reflecting the UM brand identity. The design incorporates the latest in technology for wayfinding, ergonomics and medical devices and uses natural light, warm colors and materials trending in interior design for healthcare and energy efficiency.
University Medicine is a non-profit primary care, specialty outpatient and sub-specialty medical group practice with more than 200 physicians across Rhode Island. Seventy-seven physicians practice at the UM Medical Office Building in East Providence, offering a variety of services including endocrinology, gastroenterology, rheumatology, primary care, treatment for hypertension and kidney disease, and other specialties.
In May 2017, University Medicine announced a merger with five other Rhode Island practices to form an umbrella group known as Brown Physicians, Inc. The six entities that form the non-profit BPI include The Neurology Foundation, Inc.; University Emergency Medicine Foundation; University Medicine Foundation; University Surgical Associates, Inc.; Brown Urology; and Brown Dermatology, Inc. With more than 500 doctors, BPI is now one of the largest physician groups in Rhode Island.
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 transacted on more than $2.8 billion in medical real estate totaling over six million square feet in 28 states. 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, Urology of Virginia, OrthoCarolina, Bon Secours, Maine General, Carolinas Health System, EmergeOrtho and State of Franklin Healthcare Associates.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180918005214/en/
CONTACT: Montecito Medical Real Estate
Joellyn Shannon, 615-921-3849
VP Marketing & Strategic Initiatives
KEYWORD: UNITED STATES NORTH AMERICA RHODE ISLAND TENNESSEE
INDUSTRY KEYWORD: HEALTH REIT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE GENERAL HEALTH
SOURCE: Montecito Medical Real Estate
Copyright Business Wire 2018.
PUB: 09/18/2018 07:00 AM/DISC: 09/18/2018 07:01 AM