NASHVILLE, Tenn.--(BUSINESS WIRE)--Nashville-based Montecito Medical, a privately-held owner of medical office buildings throughout the U.S., has acquired from Holston Medical Group (HMG) three buildings totaling 276,823 square feet in the cities of Kingsport, Tenn., Weber City, Va., and Duffield, Va.
The trophy asset in Montecito’s new acquisition is the 231,486-square-foot Class-A HMG Medical Plaza directly adjacent to the 379-bed Wellmont Holston Valley Medical Center.
“We’re excited to add these world-class HMG buildings to our portfolio,” said Montecito CEO Chip Conk. “HMG is one of the premier medical groups in the country and we look forward to expanding our relationship with them and assisting with their future real-estate growth plans.”
Founded in 1977, HMG is one of the largest multi-specialty groups in the southeastern United States, with nearly 150 primary-care physicians and specialists. The group is known throughout the nation as a leader in clinical research, electronic medical record utilization, and integrated health management.
HMG specialties include allergy, asthma, ear-nose-throat, endocrinology, gastroenterology, general surgery, long term care, obstetrics/gynecology, occupational medicine, oral and maxillofacial surgery, orthopedics, rheumatology, and family and internal medicine.
The acquisition brings Montecito’s medical real-estate acquisitions to more than $1.2 billion in 19 states since its inception in 2005. The company is under contract to close on three more HMG medical office buildings before the end of 2016, and has plans to invest an additional $500 million in medical office buildings through the end of this calendar year.
About Montecito Medical
Montecito Medical is one of the nation’s largest privately-held companies specializing in healthcare related real-estate acquisitions. It’s a top resource for both property owners and healthcare systems looking to monetize or expand their holdings. Since 2005, Montecito has acquired more than $1.2 billion in medical real estate in 19 states and offers more than $1 billion in capital available to expand holdings. Its portfolio includes buildings occupied by the likes of UCLA, Cleveland Clinic, Johns Hopkins, HMG, and SoFA. For more information, please visit MontecitoMac.com.
