NASHVILLE, Tenn.--(BUSINESS WIRE)--Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a medical office building tenanted by UNC Health in the rapidly growing market of Pittsboro, NC.
The Chatham Park Medical Office Building, which offers 25,610 rentable square feet of space, was built in 2016 and is 100% leased to UNC Health.
“Growing up in North Carolina, I am very excited about the opportunity to partner with one of the country’s leading developers and the state’s leading health system, located in the dynamic Raleigh-Durham-Chapel Hill Triangle market,” said Bryan Brown, Montecito’s Senior Vice President of Acquisitions. “We look forward to adding to our investments in this market and throughout the state.”
UNC Health provides family medicine, rheumatology, therapeutic infusion, cardiology, ENT, gastro, ophthalmology, orthopedics, urology, rehab, imaging and laboratory services at the medical office building.
The Chatham Park property is located between Pittsboro and Chapel Hill, within the second-fastest growing metropolitan statistical area (Raleigh-Durham) in the United States. Between 2010 and 2020, the MSA grew by 23%, and Pittsboro is experiencing some of the most dramatic growth within the area.
A significant amount of that growth is being fueled by Chatham Park, a 7,000-acre technological community. The master-planned development, which broke ground in 2014, will ultimately include 22,000 single-family homes as well as on-site schools, 50 miles of walking and biking trails, and 44 acres of retail, multifamily, restaurants, office and hospitality. Pittsboro’s population is projected to grow by nearly 56,000 residents by completion of the development. The Chatham Park Medical Office Building, situated near the influence of two major highways, is well-positioned to serve not only Pittsboro but also the expanding population of the Raleigh, Durham and Chapel Hill markets.
Based in Chapel Hill and affiliated with the University of North Carolina School of Medicine, UNC Health is the dominant system in the market area, with 12 hospitals and hundreds of clinic locations across the state.
“We are excited by the opportunity to partner with such a respected provider as UNC Health in one of the most dynamic market areas of the state,” said Chip Conk, CEO of Montecito Medical.
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 medical real estate owners and healthcare providers seeking to monetize or expand their holdings. Since 2006, it has completed transactions across the United States involving more than $4 billion in medical real estate. Headquartered in Nashville, TN, Montecito has been named as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Healthcare Real Estate Insights.