Nashville Medical Office Fund Snaps Up Arizona MOB
Montecito Medical, a national medical office investment fund based in Nashville, acquired the 35K SF Thunderbird Square Medical I at 13640 North 99th Ave. in Sun City, Ariz., for an unspecified price. The property is fully occupied by a mix of institutional-grade physician practice groups, including neurology, urology, dermatology, ophthalmology, internal medicine, digestive health and an ambulatory surgery center of endoscopy.
Montecito Medical specializes in acquiring medical office properties valued from $10M to $150M. Since the privately held company's founding in 2005, it has acquired nearly 80 MOBs in 22 states.
The seller was an entity formed by Colin Brown, principal of Whiteboard Development, which purchased the property in 2011. The property was built in 1974 by Del Webb as a retail center, but was repositioned by the seller in 2012, including the two-phased conversion of a large portion of the center to medical offices.
The sellers still own Thunderbird Square Medical II and the 40K SF Thunderbird Square Retail. Mindy Korth and Kirk Kuller of Colliers International in Greater Phoenix facilitated the deal.
