NASHVILLE, Tenn.--(BUSINESS WIRE)--Montecito Medical Real Estate, a premier owner of medical office buildings throughout the U.S., has completed the acquisition of a large medical office and surgery center from the leading orthopaedic provider in Georgia.
The acquisition involves the combined 32,785 square-foot Resurgens Center East and adjoining Surgery Center in Covington, Georgia, 30 miles east of Atlanta. Resurgens has ranked as one of the 25 largest employers in the Atlanta Metro Area for six consecutive years. The Covington facility is one of 23 Resurgens locations across the Atlanta area.
Completed in 2004, Building 1 (Phase 1), representing 20,000 square feet, houses clinical space, physical therapy area, and MRI room. Building 2 (Phase 2), built in 2016, represents 12,785 square feet and houses a two-room, licensed surgery center. Both buildings are located on the same site and have highly specialized buildouts which provide a full range of orthopedic services for patients that include imaging, diagnosis, surgery and rehabilitation.
“Resurgens is a household name throughout the state of Georgia, and we could not be more excited to complete this transaction with them,” said Chip Conk, CEO of Montecito Medical. “With the opportunity for Resurgens to continue to manage the property, and for their physicians to invest back into this property and others in our growing portfolio, we believe we are creating wins for all parties.”
The property acquired by Montecito involves Resurgens’ easternmost location and is approximately 25 miles from the organization’s next nearest facility. The property is strategically located between Covington and Conyers, allowing the practice to conveniently reach multiple markets along the I-20 corridor. The property is also situated between two short-term acute care hospitals, the Rockdale Medical Center (six miles west) and Piedmont Newton Hospital (six miles east).
“Resurgens is excited about the growth occurring in our Newton County location. Our new outpatient surgery center and expanded office continue to serve the community in a comprehensive quality setting. We strive to care for the patients’ needs from office visits, physical therapy, advanced Imaging and outpatient surgery all in a superb quality setting. Our Newton county facility fits the Resurgens Mission,” said Dr. John R. Gleason, Co-President of Resurgens Orthopaedics.
The single-story buildings are 92% leased and anchored by Resurgens Orthopaedics. Established in 1986, Resurgens is Georgia’s largest orthopaedic practice and one of the largest orthopaedic groups in the United States. With 98 physicians and nearly two dozen offices, Resurgens provides specialized expertise and broad experience in the areas of sports medicine, joint replacement, neck and back surgery, foot and ankle surgery, shoulder and elbow surgery, non-operative spine care, hand surgery, arthroscopic surgery, epidural steroid injection, general orthopaedics, and trauma care.
Resurgens Center East was developed by Diagnostic Ventures, LLC in partnership with the Resurgens real estate team over a period of 15 years.
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, Tex. and Orange County, Calif. Since 2005, it has completed transactions in 25 states involving more than $2.33 billion in medical real estate and totaling over six million square feet. 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, Urology of Virginia, Bon Secours, Maine General, EmergeOrtho and State of Franklin Healthcare Associates.