HOUSTON, TX - Physicians in selected cities nationwide now have an opportunity to benefit by becoming a tenant in a medical office building managed by newly formed Montecito Medical Management. This joint venture between Montecito Medical Investment Company (MMIC) and PM Realty Group (PMRG) brings together two firms with proven track records in maximizing the potential of medical real estate.
MMIC, which owns more than 0 million of medical-related real estate, is one of the nation's largest privately held companies specializing in acquiring, developing and effectively operating medical-related real estate.
PMRG, a national, full-service commercial real estate firm with extensive medical real estate experience, currently manages more than 150 million square feet of space across the country.
Montecito Medical Management will provide proprietary management tools, value-added services and products that help doctors maximize the productivity of their practices, resulting in higher quality healthcare.
"The goal of Montecito Medical Management is to become the undisputed leader in superior medical-related facilities throughout the U.S.," said Chip Conk, MMIC president and CEO. "The aging population is driving healthcare costs to record levels. As a result, the demands on the medical profession are now severe. We are committed to providing the industry with the means to manage more efficiently and effectively without compromising on the quality of healthcare."
According to the Centers for Medicare and Medicaid Services (CMS), the U.S. is projected to spend more than .2 trillion on healthcare in 2007 and healthcare costs are projected to be 16.2 percent of the U.S. gross domestic product in 2007. CMS projects that by 2016 healthcare spending will be more than .1 trillion.
"Because we understand the business of medicine, we can provide the services that are of real value to the physician's practice," said Scott Kuklish, executive vice president and managing director of the newly formed Montecito Medical Management. "We focus on providing tangible benefits to a physician's practice, from creative leasing solutions to the types of facilities healthcare providers need in order to operate and grow successful practices."
Formerly the director of PMRG's Pacific Region, Kuklish will direct the leasing of Montecito Medical Management's portfolio and market the joint venture's services nationwide. Kuklish has been with PMRG for seven years and has more than 25 years of experience in the development, leasing and management of real estate, specializing in healthcare, commercial and retail properties.
Richard Rains, a 26-year real estate veteran with extensive management and financial experience on a variety of property types, will serve as senior vice president of Medical Property Operations for the new joint venture. In this new position, he will be responsible for the asset management and property operations of the venture's portfolio.
Montecito Medical Management is currently managing medical office buildings in Arizona, California, Florida, Georgia, Hawaii, Maryland and Texas.
About Montecito Medical Investment Company
Montecito Medical Investment Company (MMIC) is one of the nation's largest privately held companies specializing in acquiring and developing medical real estate. MMIC is dedicated to being the preferred resource for healthcare systems that are seeking a partner with a proven record as a stable, long-term holder of real estate. MMIC 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 nation's fastest growing buyers of medical real estate, owning properties from coast to coast. For more information, please visit www.MontecitoMedical.com.
About PM Realty Group
Headquartered in Houston, Texas, PM Realty Group (PMRG) is one of the nation’s leading real estate companies focusing on comprehensive property services, development and acquisitions. With a strategic presence in 30 markets, PMRG provides the highest quality services to its clients and investors. PMRG’s clients and investors include large financial institutions, advisors and high net worth individuals. By capitalizing on the team’s experience and expertise, PMRG has the ability to undertake large and challenging management, leasing, development and acquisition projects.
PMRG’s portfolio, including projects managed for third parties, includes commercial office buildings, mixed-use centers, corporate headquarters, industrial buildings, medical facilities, high-rise multifamily buildings and re-appropriated military facilities.
Our goal is to generate exceptional returns for our clients and investors by focusing on real estate fundamentals. For additional information, visit www.pmrg.com