Montecito Medical Acquires Valley Parkway Health Center
Posted on: Thursday, 12 July 2007, 18:24 CDT
Montecito Medical Investment Company (MMIC) and ING Clarion Partners have announced the acquisition of Valley Parkway Health Center, a 70,058 square foot medical office building in Escondido, California.
Valley Parkway Health Center is located adjacent to Palomar Medical Center in an infill location at the core of the North San Diego County submarket. Palomar Medical Center is an acute care hospital and is known as one of the top orthopedic hospitals in the nation and has a renowned oncology program. The Palomar Medical Center is currently in the planning stages of remodeling and building a new "west" campus.
This is Montecito's 23nd acquisition in the last 13 months and builds upon their strategy to continue acquiring well-located hospitals and medical office buildings in various key markets across the country. Together, Montecito and ING Clarion plan to accumulate 5 million square feet of medical properties over the next twelve months.
"Valley Parkway Health Center is MMIC's second acquisition in California," said Chip Conk, president and CEO of MMIC. "This property fits our core criteria and is poised to benefit because of its irreplaceable Southern California location and it's direct access to a very strong hospital system."
About Montecito Medical
MMIC is one of the largest privately held companies specializing in acquiring and developing medical related real estate. Montecito Medical is dedicated to being the preferred resource for healthcare systems seeking a partner with a proven record as a stable, long term holder of real estate. Montecito Medical provides innovative disposition solutions for medical real estate owners who wish to monetize their equity allowing them to improve their facilities, technology and patient care. MMIC is one of the nations fastest growing buyers of medical real estate, owning properties from coast to coast. For more information, please visit www.montecitomedical.com.
Founded in 1982, ING Clarion and its affiliates manage more than $48 billion in assets in the private equity, public equity, and public debt sectors of the real estate markets. The ING Clarion organization has nearly 600 employees who are located in major markets throughout the United States. For more information about the firm, please visit www.ingclarion.com.
Source: Business Wire
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