NASHVILLE, Tenn.--(BUSINESS WIRE)--Montecito Medical Real Estate, a premier owner of medical office buildings throughout the U.S., has acquired a prime medical office property in suburban Indianapolis that is home to one of the largest urology groups in the country.
Built in 2009, the two-story, 42,000-square-foot facility was constructed as a build-to-suit for two healthcare tenants. Urology of Indiana, which occupies 83 percent of the building, ranks as the 15th largest urology practice in the United States. The remaining space is tenanted by Integrated Cancer Care.
The Class A medical office property is located in Greenwood, a popular bedroom community 12 miles south of Indianapolis’ city center. The building is advantageously situated on County Line Road, in a heavily trafficked retail area less than two miles from 462-bed Franciscan Health Indianapolis Hospital.
“We’re really pleased to add this outstanding property to our growing portfolio of elite medical office buildings,” said Chris Conk, Senior Vice President for Acquisitions and a principal of Montecito Medical. “This asset offers very strong fundamentals, a history of 100 percent occupancy and tenants that are leaders in their market. After three consecutive banner years for our company, acquiring a prime property such as this is a great way for Montecito to begin 2019.”
Established more than 130 years ago, Urology of Indiana provides leading-edge care in 16 locations throughout central Indiana and has 29 board certified urologists, 4 board certified urogynecologists and 14 licensed advanced practice practitioners.
Integrated Cancer Center is devoted specifically to the treatment of prostate cancer. The center’s board-certified oncologists provide onsite radiation oncology services for patients, including Intensity-Modulated Radiation Therapy (IMRT) and Image-Guided Radiation Therapy (IGRT) utilizing Cone Beam CT (CBCT).
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 27 states involving more than $3.2 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.