Montecito Adds 276 KSF to Medical Building Portfolio

Montecito Medical acquired three buildings totaling 276,823 square feet from Holston Medical Group.

NashvilleMontecito Medical has acquired three buildings totaling 276,823 square feet in Kingsport, Tenn., Weber City, Va., and Duffield, Va., from Holston Medical Group. The newly purchased trophy asset in Montecito’s portfolio is the 231,486-square-foot Class-A HMG Medical Plaza directly adjacent to the 379-bed Wellmont Holston Valley Medical Center.

Chip Conk

Chip Conk

“We’re excited to add these world-class HMG buildings to our portfolio,” Montecito CEO Chip Conk said in a prepared statement. “HMG is one of the premier medical groups in the country and we look forward to expanding our relationship with them and assisting with their future real-estate growth plans.”

The transaction brings Montecito’s medical real-estate acquisitions to more than $1.2 billion in 19 states since its inception in 2005. The company is under contract to close on three more HMG medical office buildings before the end of 2016, and has plans to invest an additional $500 million in medical office buildings through the end of this calendar year.

Image courtesy of Chip Conk Blog