Nashville, Tennessee-based Montecito Medical has purchased the five-story medical building at 202 W. Willow Ave. in Visalia. Image via Google Earth

Nashville, Tennessee-based Montecito Medical, a leading acquirer of medical office properties nationwide, announced the purchase of a five-story, 32,300 square-foot medical office leased by Kaweah Health in Visalia.

The facility at 202 W. Willow Ave. is situated on the campus of the 613-bed Kaweah Health Medical Center, Tulare County’s largest hospital. According to a Kaweah Health representative, the building was owned by a local family, with Kaweah owning a minority share in the holding company. It was the majority owner’s decision to sell, according to the representative.

 

A listing on loopnet.com for the property was created in August 2020. A purchase price was not disclosed.

“We are thrilled to add this outstanding, on-campus medical real estate asset to our portfolio and look forward to building a relationship with Kaweah Health, which serves patients across Tulare and Kings Counties,” said Rus Gudnyy, senior vice president of investments at Montecito Medical.

Founded in 1963, Kaweah Health operates the largest health care facility in Tulare county and works with more than 5,200 medical professionals across eight campuses.

“We are pleased to expand our growing presence in California and to invest in a tertiary market that we believe offers great opportunity for our company,” said Chip Conk, CEO of Montecito Medical.

Montecito Medical is a leading acquirer of medical office properties nationwide, according to a news release, partnering with physicians and developers to fund development of medical real estate.