Montecito Medical Acquires Medical Office for the Nation’s Top-Ranked Pediatric Hospital
NASHVILLE, Tenn.--(BUSINESS WIRE)--Aug 1, 2018--Montecito Medical Real Estate, a premier owner of medical office buildings throughout the U.S., has acquired The Boston Children’s at North Dartmouth medical office building in Dartmouth, Massachusetts.
The 15,020 square-foot, single-story North Dartmouth facility is one of eight satellite offices for Boston Children’s Hospital, which is located in Boston’s Longwood medical area. According to US News & World Report, Boston Children’s Hospital is the top-ranked children’s hospital in the United States. The North Dartmouth satellite office is located 60 miles south of Boston and 28 miles east of Providence, Rhode Island.
“We are very excited about this acquisition and the opportunity to expand our presence in the Boston area,” said Chris Conk, Partner and SVP of Acquisitions for Montecito Medical. “Following our acquisition of the Beth Israel Deaconess Plymouth Hospital earlier this month, Montecito now has formed relationships with two of the area’s most trusted names in healthcare.
“While this property is a smaller building than those that our company typically acquires, it carries enormous prestige and is a key provider of critical healthcare services. We love the characteristics of Boston Children’s hub-and-spoke model, where the satellite offices are leased on a long-term basis to an investment-grade system.”
Built in 2015, the North Dartmouth facility is 100 percent occupied by The Children’s Hospital Corporation (CHC) the name under which CHC does business. Physicians within the medical office provide 16 important pediatric specialty services, including cardiology, ophthalmology, orthopedics, neurology, and radiology. The property is strategically located in a high-volume medical corridor that includes six hospitals within a 10-mile radius.
Boston Children’s Hospital, which is strongly affiliated with hospitals in the Dartmouth market, is a world-class pediatric academic medical center and the primary pediatric teaching hospital for Harvard University’s medical school. One of the largest pediatric medical centers in the United States, CHC offers a complete range of health care services for children from birth through 21 years of age. It is also home to the world’s largest research enterprise based at a pediatric hospital, with more than 1,100 scientists and a record $225 million in annual funding.
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, Tenn., Austin, Tex. Portland, Ore. and Orange County, Calif. Since 2005, the company has completed transactions in 28 states involving more than $2.33 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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180801005162/en/
CONTACT: Montecito Medical
Joellyn Shannon, 615-921-3849
VP Marketing & Strategic Initiatives
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS TENNESSEE
INDUSTRY KEYWORD: HEALTH HOSPITALS REIT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY GENERAL HEALTH
SOURCE: Montecito Medical
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PUB: 08/01/2018 07:00 AM/DISC: 08/01/2018 07:01 AM