Montecito Medical Acquires VA Medical Campus
- Dec 20, 2017
Montecito Medical has acquired the Clearfield Portfolio, a medical campus in Virginia Beach, Va. The campus comprises two attached buildings totaling 86,377 square feet. Located in a park-like setting between Norfolk and Virginia Beach, both buildings are 100 percent leased to tenants providing urology services.
Clearfield I is leased to Urology of Virginia, the Southeast’s largest full-service urological practice. The facility was built as commercial space in 1992 and converted to medical use in 2012. Having undergone renovations totaling $5 million, the asset features physician offices, a lab, exam rooms and procedural space. Services include research for clinical trials of new pharmaceuticals and devices, diagnostic imaging, pathology, physical therapy and laboratory services.
Clearfield II is home to UroVA’s state-of-the-art Paul F. Schellhammer Cancer Center. Encompassing 20 percent of the building’s square footage, the cancer center is operated in partnership with the urology department at Eastern Virginia Medical School. Chesapeake Regional Medical Center also operates a 15,916-square-foot, four-room surgery center. Patients have access to the Devine-Jordan Center for Reconstructive Surgery and Pelvic Health, with an onsite laboratory, urodynamic, clinical research, physical therapy services and diagnostic imaging. UroVA will continue to anchor both buildings under long-term leases from Montecito.
“Clearfield is a Class-A medical office property that is home to a dominant urology practice and a leading health-care provider for this area,” said Chip Conk, CEO of Montecito Medical, in prepared remarks. “This acquisition perfectly complements our growing health-care real estate portfolio.”
Montecito has more than $1 billion in capital available to expand holdings in its medical office portfolio throughout the U.S. In April, the company acquired a 85,000-square-foot, newly constructed DaVita Medical Group clinic in Albuquerque, N.M.
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