On August 3, Montecito Medical Real Estate announced it acquired a medical office building (MOB) in Lithia, Florida for an undisclosed price. According to the LevinPro HC database, this marks the 22nd MOB transaction of Q2:22 and the 119th MOB deal of the year.
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.
The 37,000-square-foot building, which opened in 2021, is fully occupied under a long-term lease by Orthopaedic Medical Group of Tampa Bay. This acquisition expands Montecito’s footprint in the Tampa-St. Petersburg area. In 2022, Montecito purchased more than 733,610 square feet of MOBs across the country and the Lithia acquisition is Montecito’s 23rd acquisition of the year, so far.
When compared to the MOB M&A market overall, Montecito is one of the more active acquirers. In 2022, more than 9,755,000 square feet of medical office space was bought, with Montecito accounting for 7.5% of the total square feet purchased. Other active acquirers this year include Anchor Health Properties, JLL Income Property Trust and Remedy Medical Properties, Inc.
