{"id":1004660071,"date":"2023-05-03T12:11:04","date_gmt":"2023-05-03T20:11:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004660071"},"modified":"2023-05-03T12:12:32","modified_gmt":"2023-05-03T20:12:32","slug":"montecito-medical-grows-virginia-footprint","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/montecito-medical-grows-virginia-footprint\/","title":{"rendered":"Montecito Medical Grows Virginia Footprint"},"content":{"rendered":"
\"Carilion<\/a>

Carilion Children’s Clinic. Image courtesy of Montecito Medical<\/em><\/p><\/div>\n

Montecito Medical<\/strong> has acquired a 209,000-square-foot medical office building in Roanoke, Va. Hackney Real Estate Partners<\/strong> and Blackwater Resources<\/strong> sold the property for $21.6 million, according to Roanoke County records.<\/p>\n

Completed in 2021, the two-story building is part of the Tanglewood Center, an 800,000-square-foot mixed-use property which includes retail, dining and entertainment venues. The medical facility is fully leased to Carilion Children\u2019s Clinic<\/strong>, which offers medical services such as physical exams, behavioral health, nutrition counseling and treatment of acute illness, injury and recurrent health conditions, among others.<\/p>\n

The non-profit organization will open Carilion Psychiatry and Behavioral Medicine at the same center, slated for completion in the fall of 2023.<\/p>\n

\n

READ ALSO:<\/strong> Why MOBs Offer Healthy Investor Appeal<\/a><\/p>\n

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The property is located at 4348 Electric Road, near the intersection of state routes 220 and 419. Medical providers in the surrounding area include Acharya Periodontics & Dental Implants, LewisGale Medical Center, Salem VA Medical Center and Carilion Roanoke Memorial Hospital, less than 3 miles away.<\/p>\n

Montecito Medical owns six other medical office properties in Virginia, located in Richmond, Norfolk, Virginia Beach and Mechanicsville, that represent 430,000 square feet of the company\u2019s medical office portfolio.<\/p>\n

Montecito has been in expansion mode since the beginning of the year, adding two more properties to its Dallas portfolio, a Baylor Scott & White Surgicare<\/a> in Granbury, Texas, and a 31,247-square-foot building<\/a> anchored by Dallas Neuroloigcal and Spine in Plano, Texas.<\/p>\n

Back in February, the company received $50.3 million in financing from First Citizens Bank for the recapitalization of a seven-property portfolio<\/a> in Florida, Illinois and Pennsylvania.<\/p>\n","protected":false},"excerpt":{"rendered":"

Carilion Children\u2019s Clinic occupies the property, which is part of an 800,000-square-foot mixed-use center.<\/p>\n","protected":false},"author":2829,"featured_media":1004660075,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21754,11,21742],"tags":[35085],"class_list":["post-1004660071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-medical-office","category-midatlantic","category-latest","tag-montecito-medical"],"acf":[],"yoast_head":"\nMontecito Medical Grows Virginia Footprint - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Montecito Medical has acquired a two-story medical office building in Roanoke, Va. 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