Montecito Medical Acquires OrthoWilmington Buildings in North Carolina

NASHVILLE, TENN. & WILMINGTON, N.C. -- Montecito Medical, a premier owner of medical office buildings throughout the U.S., has acquired two Class-A buildings totaling 76,903 square feet in Wilmington, North Carolina. The buildings were purchased from the region’s dominant independent orthopedic practice, OrthoWilmington, which has master-leased the buildings for 15 years.

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“These two medical office buildings are a perfect complement to the portfolio of strategically located MOBs we’ve been targeting,” said Montecito CEO Chip Conk. “OrthoWilmington is the leader in this robust medical market, and we’re excited about the opportunity to help them continue to grow.”

The two buildings known as Shipyard (39,258 square feet) and Ashton (37,645 square feet) are eight miles from Wrightsville Beach in the heart of historic Wilmington, N.C., and are within three miles of the 755-bed New Hanover Regional Medical Center.

Montecito is under contract to close on an additional OrthoWilmington location before the end of the year.

Since 2005, Montecito Medical’s acquisitions total more than $1.2 billion in medical real estate in 22 states.

About Montecito Medical
Montecito Medical is one of the nation’s largest privately-held companies specializing in healthcare-related real-estate acquisitions, management and development. It’s a leading resource for both property owners and healthcare systems looking to monetize or expand their real estate holdings. Since 2005, Montecito has acquired over 4 million square feet of medical real estate located in 22 states and offers more than $1 billion in capital available to expand holdings. Montecito’s portfolio includes buildings occupied by UCLA, Cleveland Clinic, Johns Hopkins, HMG, and SoFA.

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