Montecito Medical Acquires Phoenix MOB

The property was completely remodeled last year and serves as the headquarters of an eye care company. Its affiliate, Spectra Eye Institute, provides outpatient surgical services.
Retinal Consultants of AZ Building
Retinal Consultants of AZ Building

Montecito Medical Real Estate has acquired a flagship ophthalmology medical office building in Phoenix. The company bought the Retinal Consultants of Arizona (RCA) headquarters and Retinal Research Institute, located in northern Phoenix.

The health-care facility totals 36,796 square feet and features some of the latest equipment in ophthalmological care. The building opened its doors in 1988, initially serving as a fitness center. In 2017, a full renovation was implemented, with specific build-to-suit construction plans for RCA. The asset is located at 15401 N. 29th Ave., within a small distance of Interstate 17 and Arizona Research Center.

RCA occupies more than 70 percent of the building, while its affiliate, Spectra Eye Institute, has a lease for the rest of the space. Spectra provides outpatient surgical services. The facility includes four operating rooms and equipment for ambulatory ophthalmic surgery, such as laser treatment, cataract, retina and cornea procedures.

This exceptional property represents the 11th medical office building our company has acquired in 2018,” Chip Conk, CEO of Montecito Medical, said in a prepared statement.

The new deal comes less than three months after Montecito expanded in Tennessee with the purchase of a 22,300-square-foot medical office in Nashville, a property fully leased to Saint Thomas Health.

Image courtesy of Montecito Medical Real Estate