NASHVILLE, Tenn.--(BUSINESS WIRE)--Montecito Medical Real Estate, one of the largest, privately held firms in the country devoted exclusively to medical real estate, has acquired the 56,665 square-foot NewSouth NeuroSpine Building in Flowood, Mississippi, an affluent suburb of Jackson, the state’s capital.
Constructed in 2007, NewSouth NeuroSpine is a Class A medical office building houses a team over 100 highly trained and experienced nurses and health care professionals. The facility focuses on four specialties: neurosurgery, orthopedic spine surgery, interventional pain management, and physical medicine and rehabilitation.
“We are pleased to sell our medical building to Montecito Medical, they understand healthcare real estate and worked closely with us to close this complex transaction. We look forward to a long and rewarding partnership with Montecito,” explained Frank S. York, III, CPA, Chief Executive Officer of NewSouth NeuroSpine.
The building features 30 exam rooms, digital X-ray, MRI technology, a pain management clinic, physical therapy center equipped with a hydrotherapy pool, and a surgical center covering neurosurgery and orthopedic spine surgery. The surgical center component of the building consists of 6,000 square feet dedicated to ambulatory pain management for outpatient epidural steroid injections and has three procedure rooms.
“We worked closely with this seller for three years to get this transaction done, and it was well worth it, because it complements our investment strategy perfectly,” explained Montecito CEO Chip Conk. “We are particularly excited about NewSouth NeuroSpine because it is Mississippi’s leading spine surgery center, providing high quality healthcare for the entire state – we are proud to be affiliated with such a strong practice.”
Located less than a mile away from the building is Merit Health River Oaks Hospital, where the NewSouth spine surgeons have admitting privileges. The hospital was recently named Mississippi’s leading spine surgery hospital and one of the top 5% of spine surgery hospital’s nationwide. NewSouth spine surgeons performed 99.6% of the surveyed surgeries during this time.
With the addition of the NewSouth NeuroSpine portfolio, Montecito Medical has acquired 35 medical office buildings since early 2015, representing more than $400 million and 1.5 million square feet.
About Montecito Medical
Montecito Medical is one of the nation’s largest privately-held companies specializing in healthcare-related real estate acquisitions and funding the development of medical real estate. Montecito is a leading resource for both real-estate owners and healthcare providers seeking to monetize or expand their holdings. Montecito has offices in Nashville, TN, Austin, TX and Orange County, CA. Since 2005, it has acquired more than $1.5 billion in medical real estate totaling over 4 million square feet in 23 states. To date, Montecito has more than $1 billion in capital available to expand holdings in its medical office portfolio throughout the United States. Its current portfolio and healthcare system relationships include UCLA, Cleveland Clinic, Johns Hopkins, Holston Medical Group, Carolinas Health System, Bon Secours, Maine General, EmergeOrtho and State of Franklin Healthcare Associates.