166 Stoneridge Drive, Columbia. S.C. Picture courtesy of CommercialEdge
Montecito Medical has bought a 120,000-square-foot medical workplace constructing in Columbia, S.C. Spirit Realty bought the asset for $48 million, based on CommercialEdge knowledge. The acquisition was financed with a $31.2 million mortgage, offered by First Residents Financial institution’s Healthcare Finance group.
The property final traded in 2014, when the earlier proprietor purchased the constructing for $38.5 million, the identical knowledge supplier exhibits.
Inbuilt 2003, the two-story Class A constructing sits on 10.3 acres, consists of 2,000 sq. toes of retail area and gives managed entry and 496 parking areas. The property is a most cancers remedy heart leased to South Carolina Oncology Associates, which supplies medical, radiation, gynecology, oncology and affected person help providers.
The property is situated at 166 Stoneridge Drive, simply 3.4 miles from downtown Columbia and gives entry to Interstate 126. Different medical services within the space embrace Prisma Well being Adolescent Restoration Heart, Cayce West Columbia Major Care Heart and Lexington Medical Heart, amongst others. Prisma Well being Baptist Hospital is 3.2 miles away.
The transaction was the biggest medical workplace buy within the Columbia market closed prior to now yr and the one Class A constructing out of the 9 properties that traded, CommercialEdge knowledge exhibits.
Current Montecito transactions
Montecito Medical continues to increase its medical workplace portfolio throughout the U.S. This month, the corporate added one other property to its Dallas footprint, its fifteenth Metroplex purchase prior to now two years, with the acquisition of a 31,247-square-foot medical workplace in Plano, Texas.
A major transaction passed off earlier this yr in January, when the corporate bought a group of 13 properties in eight states totaling 300,328 sq. toes. The medical workplace portfolio was acquired by a three way partnership of Treatment Medical Properties and Kayne Anderson Actual Property. The totally leased belongings traded for $131 million.
