Montecito Medical, one of the largest medical real estate firms in the United States, has purchased nine OrthoCarolina properties, a total of 208,085 square feet, in North Carolina
The price of the transaction was not disclosed.
The properties are in metropolitan areas across the state, including Winston-Salem, Charlotte, Monroe, Matthews, Shelby, Laurinburg, Boone, Concord and Mooresville.
Based on the terms of the transaction, OrthoCarolina, a leading orthopedic practice in the Southeast, will continue to occupy and manage the buildings under long-term lease terms decided by Montecito Medical.
“This was a fairly complex transaction, but Montecito Medical made the process streamlined and efficient, which was important for our team of specialists to continue to focus on providing excellent health care services,” said Bruce E. Cohen, chief executive officer of OrthoCarolina. “We also really valued the ability to maintain ownership in the real estate and the opportunity to maintain management of the property.”
With the addition of the OrthoCarolina portfolio, Montecito Medical has acquired 26 medical office buildings in 2017 encompassing approximately 830,000 square feet.
“We are very proud to add the world-class OrthoCarolina Buildings to our portfolio, and we appreciate the long-term leases and top-quality tenancy,” said Chip Conk, CEO of Montecito Medical, in a statement. “With this acquisition, Montecito now owns medical office buildings occupied by three of the top ten largest orthopedic groups in the nation, and we are focused on continuing to add value to those relationships.”