Montecito Medical Acquires Medical Office Building in Greenville, NC

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 in Greenville, North Carolina.

The 19,458 square-foot building, which opened in 2018, is 100% leased to a market-leading gastroenterology practice.

“For us, this is not only an outstanding property but an opportunity to enter into a long-term relationship with a dynamic group of physicians,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical. “We are pleased to have been selected as the buyer for this medical building.”

Gastroenterology East performs more procedures in its medical specialty than any other provider in the area. Within the building, the group also maintains a specialized endoscopy center with three procedure rooms and 10 patient beds, and offers onsite CT scanning and other imaging capabilities.

The property is situated one mile west of downtown Greenville and East Carolina University, and just one-half mile from a 974-bed medical center. Greenville is part of an MSA with population of 170,000 that experienced a county-wide growth rate of 26% during the past decade.

“This long-term-leased, single-tenant NNN medical office transaction demonstrates the superior market fundamentals of the healthcare real estate sector,” said David Helvey and Alex Vidal, national healthcare real estate sales agents at Marcus & Millichap.

The Greenville property is the fifth medical office asset Montecito has acquired in North Carolina over the past two years. “We continue to be attracted to medical real estate opportunities and favorable market conditions in this state,” said Montecito CEO Chip Conk. “We’re looking to make additional acquisitions here in 2022.”

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 $5 billion in medical real estate. Headquartered in Nashville, TN, Montecito has been named for four consecutive years as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Real Estate Forum. The company’s CEO, Chip Conk, was named Healthcare Real Estate Executive of the Year for 2021 by Healthcare Real Estate Insights. For more information about Montecito Medical, please visit www.MontecitoMac.com.