{"id":1004325641,"date":"2019-05-22T01:55:47","date_gmt":"2019-05-22T09:55:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004325641"},"modified":"2019-05-22T01:55:47","modified_gmt":"2019-05-22T09:55:47","slug":"montecito-medical-buys-221-ksf-nashville-area-mob","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/montecito-medical-buys-221-ksf-nashville-area-mob\/","title":{"rendered":"Montecito Medical Buys 221 KSF Nashville-Area MOB"},"content":{"rendered":"
\"Murfreesboro<\/a>

Murfreesboro Medical Clinic. Image courtesy of Montecito Medical Real Estate<\/em><\/p><\/div>\n

Montecito Medical Real Estate has recently expanded its Nashville-area footprint with the acquisition of Murfreesboro Medical Properties LLC, the ownership group of a 221,000-square-foot medical office building in Murfreesboro, Tenn. Murfreesboro Medical Clinic occupied the entire property.  <\/p>\n

Located at 1272 Garrison Drive, the MOB opened as a 78,000-square-foot facility in 2008 and underwent an expansion in 2013 through a build-to-suit second phase that enhanced the property by 143,000 square feet. In addition to clinic space, the trophy asset houses an ambulatory surgery center with four operating rooms.<\/p>\n

\u201cWe review over $1.3 billion in assets each month and typically pursue only the top five percent that meet our investment criteria,\u201d<\/em> Joellyn Shannon, a vice president with Montecito Medical Real Estate, told Commercial Property Executive<\/em>. \u201cWe prefer newer, larger assets that are occupied by dominant physician groups or strong health systems with long-term leases and we will pay-up for these attributes, so the seller will make more money, too.\u201d<\/em><\/p>\n

The physician leaders of MMC, who had been fielding unsolicited offers for the three-story building since construction of the first phase kicked off in 2007, will not only remain tenants in the building, but they\u2019ll also retain an ownership position as a result of their reinvestment in the entity acquiring the asset. <\/p>\n

Bolstering a premier portfolio<\/h2>\n

The Murfreesboro MOB marks one of a handful of purchases Montecito has completed in 2019. The company kicked off 2019 with the acquisition of a 110,000-square-foot medical office complex in Clarksville, just outside Nashville. The company\u2019s other purchases this year include a 30,500-square-foot MOB and surgery center in Bedford, N.H., roughly 50 miles north of Boston, and a 42,000-square-foot MOB in Greenwood<\/a>, Ind., near Indianapolis. And there\u2019s more to come. Montecito has access to approximately $1 billion in capital for additional investments.<\/p>\n

\u201cWhile there are certainly challenges aggregating a large medical office building\/ambulatory surgery center portfolio, Montecito is extremely active in the market,\u201d<\/em> Shannon said. <\/p>\n

Montecito and Murfreesboro Medical Properties relied on Anthony Lunceford, Joe Massa and Woody Widenhofer of Colliers International for representation in the transaction.  <\/p>\n","protected":false},"excerpt":{"rendered":"

The purchase of the fully leased, three-story trophy property in Murfreesboro, Tenn., marks the company\u2019s second acquisition in the metro this year. <\/p>\n","protected":false},"author":969,"featured_media":1004325647,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21754,13,36077,21742,21747],"tags":[32763,35085],"class_list":["post-1004325641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-medical-office","category-midwest","category-nashville-knoxville","category-latest","category-office","tag-colliers-international","tag-montecito-medical"],"acf":[],"yoast_head":"\nMontecito Medical Buys 221 KSF Nashville-Area MOB - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/montecito-medical-buys-221-ksf-nashville-area-mob\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Montecito Medical Buys 221 KSF Nashville-Area MOB\" \/>\n<meta property=\"og:description\" content=\"The purchase of the fully leased, three-story trophy property in Murfreesboro, Tenn., marks the company\u2019s second acquisition in the metro this year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/montecito-medical-buys-221-ksf-nashville-area-mob\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-22T09:55:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/1272-Garrison-Drive-Murfreesboro-Tenn_-002.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"449\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/montecito-medical-buys-221-ksf-nashville-area-mob\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/montecito-medical-buys-221-ksf-nashville-area-mob\/\",\"name\":\"Montecito Medical Buys 221 KSF Nashville-Area MOB - 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