NASHVILLE, Tenn.--(BUSINESS WIRE)--Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of the Clearfield Portfolio, a two-building, 86,377 square-foot medical campus in Virginia Beach, VA.
The two attached buildings, situated in a park-like setting between Norfolk and Virginia Beach, comprise a medical campus that connects providers and services, with patient flow between them. The buildings are 100 percent-occupied by a mix of tenants providing one-of-a-kind urology services.
“Clearfield is a Class-A medical office property that is home to a dominant urology practice and a leading healthcare provider for this area,” said Chip Conk, CEO of Montecito Medical. “This acquisition perfectly complements our growing healthcare real estate portfolio.”
Clearfield I is leased by Urology of Virginia (“UroVA”), the Southeast’s largest full-service urological practice with a longstanding presence in the Tidewater area of Virginia. The facility was originally constructed as commercial office space in 1992. In 2012, it was converted to medical use and completely updated with $5 million in renovations. Clearfield I contains physicians’ offices, exam rooms and lab, as well as procedure space. In addition to its main areas of practice, UroVA has several ancillary departments, including research for clinical trials of new pharmaceuticals and devices, physical therapy, diagnostic imaging, laboratory services, and pathology.
Clearfield II, constructed in 2015, houses UroVA’s state-of-the-art Paul F. Schellhammer Cancer Center, a urologic oncology center that emphasizes innovative, leading-edge cancer care. The Schellhammer Cancer Center, which represents roughly 20 percent of the building’s square footage, is operated in partnership with the urology department at Eastern Virginia Medical School. In addition, Chesapeake Regional Medical Center operates a 15,916 square-foot, four-room operating surgery center in this location. The building also provides patients access to the Devine-Jordan Center for Reconstructive Surgery and Pelvic Health, with an onsite laboratory, physical therapy services, urodynamic, diagnostic imaging, and clinical research.
Under the terms of the transaction, UroVA will continue to anchor the buildings under long-term leases from Montecito Medical.
“Our practice was impressed with how efficiently Montecito worked to close this transaction and, even more, that they took the time to listen to our concerns, understood our ‘big picture’ objectives and addressed them,” said Michael Fabrizio, CEO of Urology of Virginia. “We’re thrilled to be part of the Montecito platform of best-in-class medical office buildings. We also appreciated that Montecito provided us the option continue to manage the properties ourselves.”
Urology of Virginia is a highly-specialized urology practice with a long history of providing comprehensive, compassionate, and quality urology care to the Hampton Roads community and beyond. It is a dominant, regional practice that has grown to include 36 physicians — most of whom are fellowship-trained, nationally recognized, awarded and published — and more than 300 employees. Eight of UroVA’s physicians were recipients of the Coastal Virginia Top Docs Award for 2016. In keeping with its reputation for innovation, UroVA also was involved in the development of a promising new technology, the Novel ExactVu Micro-Ultrasound System, that allows patients to benefit from the very latest in breakthrough imaging capabilities. Urology of Virginia was the first in the U.S. to acquire this technology.
“We’ve closed a record number of transactions this year, and the Clearfield Portfolio is an ideal addition for us,” said Conk. “We look forward to working with Urology of Virginia on other opportunities as they continue to grow their services throughout the U.S.”
About Montecito Medical Real Estate
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, Tenn., Austin, Texas and Orange County, California. Since 2005, it has acquired more than $1.9 billion in medical real estate totaling over 5 million square feet in 25 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, Aurora, OrthoCarolina, Carolinas Health System, Bon Secours, Maine General, EmergeOrtho and State of Franklin Healthcare Associates.