SOURCE: Montecito Medical Investment Company

January 29, 2008 07:30 ET

Montecito Medical Acquires Medical Office Buildings in Four States

Over 140,000 Square Feet Added to Medical Office Building Portfolio

SANTA BARBARA, CA--(Marketwire - January 29, 2008) - Montecito Medical Investment Company (MMIC), a premier owner of medical properties throughout the United States, announced today that it has acquired the Atlee Medical Office Building portfolio in a joint venture with Harrison Street Real Estate Capital. The portfolio is 100 percent leased and consists of six medical office buildings in four states, all constructed in 2004 or later and totaling 142,906 square feet.

The buildings in the portfolio are:

--  Alta Vista Medical Office Building in Las Vegas
--  Physicians' Plaza at Crestwood in Huntsville, Alabama
--  San Angelo Medical Center 1 in San Angelo, Texas
--  San Angelo Medical Center 2 in San Angelo, Texas
--  Schertz Medical Building in Schertz, Texas
--  Kosciusko Hospital Medical Office Building in Warsaw, Indiana

"This acquisition is in line with our goal to limit our portfolio to strong medical markets that have high population growth. Exclusive location, proximity to a strong hospital system and high occupancy were prime factors in our decision to move forward with the purchase," said Chip Conk, CEO of MMIC.

This latest acquisition brings to 32 the number of medical office buildings that Montecito Medical Investment Company has acquired in the last 18 months. The company now owns medical office buildings in 12 states with aggressive plans to increase its rate of expansion in 2008 and beyond.

As is standard practice, Montecito Property Management, a division of Montecito Medical, will manage and lease the assets in this portfolio, adding value with new medical technologies and inimitable customer service. Montecito Medical recently expanded its technological offerings by acquiring one of the leading medical research companies in the country to track specific markets' propensity for success and potential for the future based on market characteristics, use rates and lifestyle profiles when determining development locations.

"Our philosophy is to buy the best properties and then grow their value by providing top-notch service, the latest technology and unanticipated amenities," said Conk.

Additional acquisitions will be announced later this month.

Montecito Medical Investment Company

Montecito Medical Investment Company (MMIC) is one of the nation's largest privately held real estate companies specializing in the acquisition and development of hospitals, medical office buildings, surgery centers, long-term acute care facilities and skilled nursing facilities. The firm, headquartered in Santa Barbara, California, partners with medical real estate owners, enabling them to monetize their equity and improve their facilities, technology, and patient care. MMIC owns 32 properties in 12 states, representing more than 1.5 million square feet and in excess of $500 million in valuation. For more information, please visit

Harrison Street Real Estate Capital

HSRE's model is to provide equity capital at the property level to developers and operators in areas of the real estate market in which tenant demand is driving from education, healthcare or storage related activities. These sectors principally include self-storage, student housing, senior housing/assisted living, medical office/healthcare, marinas, related parking and other properties at or near Universities and Hospitals. Harrison Street's inaugural fund has acquired or is in the process of developing over 55 properties worth greater than $700 million throughout 20 states in the US. The principals of HSRE bring decades of investment and management expertise in all segments in which the company investments. For more information, visit

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