Montecito Medical Real Estate has had an active June, purchasing three medical office building (MOB) portfolios in Georgia, Nevada and Virginia.
Montecito Medical Real Estate specializes in healthcare-related real estate acquisitions and funding. Since 2006, it has completed transactions across the U.S. involving more than $5 billion in medical real estate.
Montecito acquired a 27,606-square-foot MOB in Chesterfield, Virginia, on June 3, for $12.25 million from Stanley Shield Partnership. The building opened in 2018 and is 100% leased to four tenants: Vital Care Family Practice; LabCorp; James River Cardiology; and Absolute Dermatology & Skin Cancer Center. The providers at the Ashlake Medical Office serve patients in a range of specialties, including primary care, pediatrics, cardiology, dermatology, sleep medicine, surgery and lab testing. Morton G. Thalhimer, Inc., a portfolio company of Cushman & Wakefield, represented the seller in the transaction.
Montecito purchased two MOBs in Las Vegas for an undisclosed price on June 7. The buildings are occupied by Advanced Orthopedics and Sports Medicine and total 21,020 square feet. Barton Hyde with Avison Young Nevada represented the undisclosed seller.
Montecito also acquired three facilities in the Atlanta MSA that total 26,000-square-feet on June 9. The buildings are located in McDonough, Locust Grove and Monticello, Georgia, and are 100% leased to VillageMD Georgia. This transaction marks Montecito’s 20th acquisition in Georgia and 15th in the Atlanta MSA since 2019. Financial terms were not disclosed.
According to the LevinPro database, this is the 91st MOB deal of 2022, totaling more than 8.3 million square feet in rentable space and more than $20.1 billion in disclosed prices. This is an 82% increase from 2021 which saw 50 announced deals during the same period. Montecito has announced 17 MOB acquisitions totaling 603,685 square feet in 2022, so far.
