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Chip and Chris Conk, MontecitoDriving Montecito Medical Real Estate’s phenomenal growth is a seasoned collection of professionals led by CEO Chip Conk (left) and Chris Conk, principal, acquisitions.


Montecito Medical Real Estate’s business model has changed the traditional relationship between buyers and sellers of medical office properties to one in which sellers can continue to manage their properties if they choose, maintaining both existing tenant relationships and an existing revenue stream. In addition, they can opt to reinvest a portion of the sales price as equity in a single-purpose entity led by Montecito, which becomes the asset’s legal owner.

In short, sellers enjoy both regular distributions and a return on their reinvestment when Montecito sells the property as well as significant tax advantages that can be especially valuable to high net-worth individuals. Sellers have another option as well: they can co-invest in additional properties that Montecito acquires as it builds a portfolio.

The model strongly resonates with physicians, especially in today’s shifting medical environment. In conversations with physicians about MOB sale leasebacks of their MOBs, the company has found that the opportunities to both reinvest in its own office building and to co-invest in other MOB acquisitions gives it a greater sense of control. Much of the credibility of the model lies in its historical rate of return on its investments, which the company says has significantly outperformed both Wall Street and competitors in the sector over the past 10 years. For these reasons the company has grown dramatically, both in terms of its acquisitions and its influence on the medical real estate field.

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Sule Aygoren

Aygoren oversees the editorial direction and content for ALM’s Real Estate Media Group, including Real Estate Forum and GlobeSt.com. In her tenure with ALM, she’s held roles of increasing responsibility, including Managing Editor. Aygoren has received several awards for her coverage including Best Trade Magazine Report from the National Association of Real Estate Editors and the James D. Carper Award for Young Journalists. Under her direction, Forum has received four national NAREE awards for Best Commercial Real Estate Trade Magazine.

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