Montecito Medical Expands With Richmond Acquisition

Montecito Medical has acquired a medical office building in Richmond, Va. A private investor sold the 35,000-square-foot asset for $16.6 million, according to Henrico County records.

Senior Associate Alex Vidal and Associate Jacob Halle with Marcus & Millichap’s National Healthcare Real Estate Sales Group represented the seller in the transaction.

The two-story building is fully occupied under a long-term lease by Virginia Women’s Center, a women’s health services provider in the Richmond area. Medical services at the clinic include gynecology, obstetrics, urogynecology, breast health/mammography, menopause management, mental health, weight and wellness, bone health/density, as well as surgeries and procedures.

The health center is situated in the city’s Short Pump suburb, at 12129 Graham Meadows Drive. The property provides easy access to U.S. Route 250 and Interstate 64, and is less than 16 miles northwest of downtown Richmond. Medical providers in the surrounding area include VCU Health Ambulatory Surgery Center, MEDRVA Surgery Center at West Creek and AFC Urgent Care Short Pump, among others. Besides Richmond, Virginia Women’s Center also operates in Kilmarnock, Mechanicsville and Midlothian.

As of late February, 13 other medical office properties had changed hands year-over-year in the Richmond market, totaling 284,769 square feet, according to CommercialEdge data. The transaction volume amounted to $26.4 million.

The same source shows that Montecito Medical owns eight other medical office facilities in the Richmond area, with a combined footprint of 430,666 square feet. The portfolio includes another property partially occupied by Virginia’s Women’s Center. The company acquired the 91,186-square-foot building in 2021 for $32.5 million.