Montecito Medical Adds Iowa Class A MOB to Portfolio
Montecito Medical struck a deal with Lockard Development Inc. for ownership rights to the 59,615-square-foot Terrace Park Professional Center in Bettendorf, IA. The Nashville-based buyer paid $16.8 million to the seller, who is headquartered in Cedar Falls, IA.
The property at 4480 Utica Ridge Rd. is connected to the 139-bed Trinity Medical Center. The medical office building and hospital were built in 2004. Lockard Development will continue managing the property.
“It was important to us that Montecito allowed us to continue to manage the property, and thereby maintain our 15-year relationship with Trinity,” said Lockards’s David Wilson. “Montecito’s process was hassle-free, and we look forward to working with them in the future.”
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