Montecito Medical, a premier owner of medical office properties throughout the U.S., has acquired a Class-A medical office building in Lynchburg, Virginia, from OrthoVirginia, the state’s largest provider organization of orthopedic and therapy care. The Lynchburg transaction represents the 21st medical office building acquisition for Montecito Medical in 2019, representing almost 800,000 square feet. The financial terms of the transaction were not disclosed.
The Lynchburg acquisition builds on a relationship that Montecito has established with OrthoVirginia, which offers the services of more than 100 physicians spread across 22 locations in the state including seven Ortho On Call locations. Constructed in 2008, the facility was built-to-suit for OrthoVirginia, which occupies 100% of the nearly 88,000 square feet of space. OrthoVirginia is Lynchburg’s largest multidisciplinary musculoskeletal practice, with 20 physicians on staff. Through this location the practice provides a range of services, including general orthopedics, physical therapy, sports medicine, and care for joint replacement. The building offers a prime location, less than a mile from Lynchburg General Hospital.
Montecito Medical is one of the nation’s largest privately held companies specializing in health care real estate acquisitions and funding the development of medical real estate. Montecito Medical is a leading resource for both real estate owners and health care provider organizations seeking to monetize or expand their holdings. Montecito has offices in Tennessee, Oregon, and California. Since 2005, it has completed transactions in 28 states involving more than $3.5 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.
OrthoVirginia is the state’s largest provider organization of expert orthopaedic and therapy care which serves the needs of its consumers through a team of highly trained specialists who are committed to the independent practice of medicine. Located in Lynchburg, northern Virginia, Richmond, and Virginia Beach, OrthoVirginia has more than 100 physicians, 22 office locations, MRI facilities, outpatient surgery centers and physical therapy clinics. Its mission is to improve the musculoskeletal health and well-being of those who live in the communities that it serves. OrthoVirginia’s statewide network of physicians and health care professionals strives to deliver high quality, cost effective orthopaedic care to its consumers.
This was reported by Montecito Medical Real Estate on August 6, 2019.
Contact information: Joellyn Shannon, Vice President of Marketing & Strategic Initiatives, Montecito Medical Real Estate, 3100 West End Avenue, Suite 750, Nashville, Tennessee 37203; 615-921-3849; Email: firstname.lastname@example.org; Website: www.montecitomac.com
Contact information: OrthoVirginia, 2405 Atherholt Road, Lynchburg, Virginia 24501; 434-485-8500; Website: www.orthovirginia.com