Montecito Medical Real Estate completed the acquisition of a medical office building (MOB) on July 12th in Fayetteville, Arkansas.
The two-story, 19,000-square-foot building is fully occupied under a new, long-term lease by Northwest Arkansas Pathology Associates, which provides pathology services to 12 hospitals and more than 100 clinics and outpatient facilities throughout northwest Arkansas and eastern Oklahoma. In addition to the main building, the property also includes a 2,500-square-foot back building.
With 22% growth since 2013, the Fayetteville-Bentonville-Rogers-Springdale MSA, commonly known as northwest Arkansas, is one the nation’s fastest growing markets. The area enjoys per capita income above the national average while ranking as one of the most affordable places to live in the United States.
Cushman & Wakefield and Sage Partners brokered the transaction.
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.
According to the LevinPro HC database, this marks the 102nd MOB deal of 2022, totaling more than 8.8 million square feet in rentable space and more than $20.2 billion in disclosed prices. This is an approximately 62% increase from 2021 that saw 63 announced deals during the same period. Montecito has announced 19 MOB acquisitions totaling 680,118 square feet in 2022.
