On January 3, Montecito Medical, a premier owner of medical office properties throughout the United States, has completed the acquisition of a new medical office building located in the Kansas City suburb of Lee’s Summit, Missouri.
The property, which opened in 2020, offers just over 40,500 square feet of rentable space and is 100% leased. The property is advantageously situated north of downtown Lee’s Summit next to Interstate Highway I-470. With a population of more than 101,000, Lee’s Summit has become the sixth-largest city in Missouri.
The primary tenant is Beacon Surgery Center (BSC), a joint venture between local physician partners and Partners Surgical, a national operator and manager of ambulatory surgery centers. BSC, which occupies approximately 38% of the building’s space, includes five operating rooms, eight pre-operative bays and eight recovery bays. Two of the partnering physician groups, Sano Orthopedics and Advanced Surgical Associates, are among the other tenants at the property, occupying 30% and 14% of the building’s space, respectively.
Sano Orthopedics is a regional physician practice that offers the latest techniques and procedures in knee, shoulder, elbow, spine, hip and athletic injuries. The practice has six surgeons on staff and an expansive team of mid-level providers, as well as athletic trainers who focus on the holistic musculoskeletal health life cycle. Advanced Surgical Associates is a leader in providing minimally invasive general surgery for residents in Missouri’s Eastern Jackson and Cass Counties.
Another tenant, EXOS, which leases 17.5% of the space, is a national company that provides a variety of services including fitness and wellness programs, sports and performance training, physical therapy, sports medicine and nutrition services. At the Lee’s Summit property, the group focuses on physical therapy, dry needling, spine therapy, functional manual therapy, sport-specific rehab and training and total joint therapy.
Montecito Medical is one of the largest privately-held companies specializing in healthcare-related real estate acquisitions and funding. Since 2006, it has completed transactions across the United States involving more than $5 billion in medical real estate. The group is part of GI Alliance, the nation’s largest network of gastroenterology experts, encompassing physicians at more than 225 locations in 10 states.
This is the first announced acquisition of the new year for Montecito, which just finished a record-breaking year in terms of both dollar value and the number of individual transactions. According to the LevinPro HC database, Montecito has completed 33 separate transactions in 2021, involving more than 1 million square feet. “We structure everything we do around the needs of physicians,” said Montecito Medical CEO Chip Conk. “We are gratified that so many of them continue to rely on us to help them build wealth and build stronger practices for their patients.”
