Market Overview

Montecito Acquires Flagship Ophthalmology Medical Office Building in Arizona


Montecito Medical Real Estate, the nation's top privately held buyer of
medical office properties throughout the U.S., has acquired the primary
office building of one of Arizona's leading ophthalmology practices.

Retinal Consultants of Arizona and Retinal Research Institute

Medical Office Building in North Phoenix serves as the headquarters for
Retinal Consultants of Arizona (RCA), which maintains 35 locations
across Arizona. Established in 1980, RCA has grown to become one of
Arizona's largest and most experienced ophthalmology practices, with 10
physicians and 150 employees focused on the diagnosis and management of
the retina and vitreous. RCA is also one of the nation's largest
research organizations to advance new therapies and treatment options.

"We are very excited about aligning with one of the largest and renowned
ophthalmology groups in Arizona and expanding our presence in the
Phoenix market," said Chip
Conk, CEO of Montecito Medical
. "This exceptional property
represents the 11th medical office building our company has
acquired in 2018 and perfectly complements our strategy and growth

The two-story, 36,796 square-foot property offers the latest technology
and treatment for patients requiring specialized skills. The building
was originally constructed in 1988 as a large fitness center and fully
renovated in 2017 as a strategic build-to-suit for RCA.

RCA currently occupies 72 percent of the office building's rentable
area. The remaining space — more than 10,000 square feet — is leased by
an affiliated entity, Spectra Eye Institute.

A market leader, Spectra
Eye Institute
, is a private outpatient surgical center dedicated to
ophthalmic surgical care. Its facility — one of two in Arizona —
includes four operating rooms and state-of-the-art equipment to provide
comprehensive ambulatory ophthalmic surgery services, including laser
treatments and a variety of outpatient surgical operations such as
cataract, retina and cornea procedures.

Montecito Medical

Montecito Medical is one of the nation's largest privately held
companies specializing in healthcare-related real estate acquisitions
and funding the development of medical real estate. Montecito is a
leading resource for both real estate owners and healthcare providers
seeking to monetize or expand their holdings. Montecito has offices in
Nashville, Tenn., Austin, Tex., Portland, Ore., and Orange County,
Calif. Since 2005, it has transacted on more than $2.33 billion in
medical real estate totaling over six million square feet in 28 states.
To date, Montecito has more than $1 billion in capital available to
expand holdings in its medical office portfolio throughout the United
States. Its current portfolio and healthcare system relationships
include UCLA, Cleveland Clinic, Johns Hopkins, Holston Medical Group,
Urology of Virginia, OrthoCarolina, Bon Secours, Maine General,
Carolinas Health System, EmergeOrtho and State of Franklin Healthcare

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