Montecito Medical Grows Virginia Footprint

Carilion Children’s Clinic. Image courtesy of Montecito Medical

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

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’s Clinic, which offers medical services such as physical exams, behavioral health, nutrition counseling and treatment of acute illness, injury and recurrent health conditions, among others.

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

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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.

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’s medical office portfolio.

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 in Granbury, Texas, and a 31,247-square-foot building anchored by Dallas Neuroloigcal and Spine in Plano, Texas.

Back in February, the company received $50.3 million in financing from First Citizens Bank for the recapitalization of a seven-property portfolio in Florida, Illinois and Pennsylvania.