NASHVILLE, Tenn.--(BUSINESS WIRE)--Montecito Medical Real Estate recently announced the acquisition of North Carolina Eye, Ear, Nose, & Throat medical office building, a long-established and leading provider in Durham, North Carolina. For Montecito, a premier owner of medical office properties across the United States, this transaction represents the seventh acquisition of 2018.
The two-story, 34,106 square-foot building is 100 percent occupied by North Carolina Eye, Ear, Nose, & Throat (NCEENT), the largest physician-owned eye, ear, nose and throat practice in Durham.
Constructed in 2004 as a build-to-suit for NCEENT, the property is the group’s flagship location. Located at 4102 N. Roxboro Street, the building is in a high-traffic, commercial corridor with a large medical provider presence. The group is advantageously situated just one mile from the 938-bed Duke University Hospital, the 369-bed Duke Regional Hospital, and the 18-bed North Carolina Specialty Hospital, where most of the group’s surgical procedures are performed.
“Everyone in our firm is excited about closing on this great asset,” said Chris Conk, Senior Vice President for Acquisitions and a Principal of Montecito Medical. “North Carolina Eye, Ear Nose & Throat is a perfect complement to our growing, high-quality portfolio. It is also exciting to expand our North Carolina footprint to more than 300,000 square feet and 13 medical office buildings.”
Founded in 1914, NCEENT has been a leader in providing ophthalmology and otolaryngology specialty care in Durham for more than 100 years. The practice focuses on medical research and specializes in a variety of procedures including ophthalmology, Lasik, allergy testing, speech pathology, and cosmetic procedures. With a medical staff of nine ophthalmologists, two optometrists, and six ENT physicians, the group practices in five locations across the “Research Triangle” of Raleigh, Durham, and Chapel Hill.
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., Portland, Ore. 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.