by John R. Fischer
, Senior Reporter | July 27, 2023
Through a partnership with venture capital firm Sable Investments, healthcare real estate firm Montecito Medical has acquired the Tennessee Oncology Proton Center.
In business since 1976, Tennessee Oncology is one of the largest, physician-owned, community cancer care practices in the U.S., and treats adult cancer patients in multiple locations across Kentucky, Tennessee, and Northwest Georgia.
In May, it entered into a long-term lease agreement for the proton therapy center, which was previously known as Provision Cares Proton Therapy Center and opened in October 2018, according to the American Journal of Managed Care
. Common cancers it treats include prostate, breast, head and neck, and lung.
Montecito Medical, based in Nashville, is one of the largest private companies specializing in healthcare-related real estate acquisitions, and provides AI tools to increase revenue and reduce costs. It has completed over $5 billion in medical real-estate transactions, most recently acquiring properties in New York, California, and Georgia in the last month.
“It is exciting for us to expand our presence in our headquarters’ state, especially when the providers at this property care for some of our neighbors in the Nashville area,” said Chip Conk, CEO of Montecito Medical, in a statement.
The proton therapy center is approximately 45,000 square feet and has been occupied by Tennessee Oncology radiation oncologists since its opening.
Tennessee Oncology’s national platform partner OneOncology arranged the deal between Montecito Medical, Sable Investments, and Tennessee Oncology.
“Expanding services across the continuum of care is a core OneOncology strategy that helps our partner practices continually innovate and deliver cutting-edge care to their patients,” said Dr. Jeff Patton, CEO of OneOncology and chairman of Tennessee Oncology.
In addition to proton therapy, Tennessee Oncology offers specialized oncology nursing care, laboratory services, pharmacy, outpatient chemotherapy, radiation therapy, PET/CT services, palliative care, patient and family education, and financial support services.
Financial details were not disclosed.