Two Wilmington Medical Office Buildings Sold


medical building clipartMontecito Medical, a premier owner of medical office buildings throughout the U.S., has acquired two Class-A buildings totaling 76,903 square feet in Wilmington, North Carolina.

The buildings were purchased from the region’s dominant independent orthopedic practice, OrthoWilmington, which has master-leased the buildings for 15 years.

“These two medical office buildings are a perfect complement to the portfolio of strategically located MOBs we’ve been targeting,” said Montecito CEO Chip Conk. “OrthoWilmington is the leader in this robust medical market, and we’re excited about the opportunity to help them continue to grow.”

The two buildings known as Shipyard (39,258 square feet) and Ashton (37,645 square feet) are eight miles from Wrightsville Beach in the heart of historic Wilmington, N.C., and are within three miles of the 755-bed New Hanover Regional Medical Center.

Montecito is under contract to close on an additional OrthoWilmington location before the end of the year.

Since 2005, Montecito Medical’s acquisitions total more than $1.2 billion in medical real estate in 22 states.

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