On September 12, Montecito Medical Real Estate announced its acquisition of a Bartlett, Tennessee medical office building (MOB) for $11.2 million, or $5.3 per-square-foot. This purchase is Montecito’s first in Shelby County and third in Tennessee, according to the company’s website.
The seller, Bartlett MOB Partners LLC, originally purchased the property in 2017 for $236,000 and built the 21,000 square foot MOB that is on the property.
The property is occupied by OrthoSouth, which is a network of orthopedic surgeons and physical therapy centers across the state. It is adjacent to Saint Francis Hospital-Bartlett.
Montecito Medical Real Estate specializes in healthcare-related real estate acquisitions and funding. Since 2006, it has completed transactions across the United States involving more than $5.1 billion in medical real estate.
According to data captured in the LevinPro HC database, this acquisition represents the 149th MOB transaction of 2023. This is also Montecito’s 31st acquisition of 2023.
