Montecito Medical Expands TN Footprint

The newly constructed medical office building, situated southwest of downtown Nashville, contains more than 20,000 square feet and is fully leased to Saint Thomas Health.
5700 Temple Road in Nashville, Tenn.

Montecito Medical Real Estate has acquired a newly built, 22,300-square-foot medical office building in southwestern Nashville, Tenn. The seller, Commercial Realty Services, traded the asset for $10 million, according to public records. The buyer financed the purchase with a five-year, $5 million mortgage held by Synovus Bank.

The deal is Montecito’s eighth medical office acquisition this year. In March, the firm picked up a nearly 26,000-square-foot asset in Norfolk, Va.

Located at 5700 Temple Road in Nashville’s Bellevue neighborhood, the three-story building sits adjacent to the Publix-anchored Harpeth Village shopping center. The structure sits near Tennessee Route 100, providing access to the city’s central business district, 15 miles to the northeast.

The property is fully leased to Saint Thomas Health. The build-to-suit development broke ground in early 2017, and the asset’s grand opening is scheduled later this month. The tenant will offer a variety of services in the building, including primary care, rehab, imaging and a pharmacy.

Image courtesy of Commercial Realty Services