Montecito Medical, a leading acquirer of medical office properties nationwide, has completed the acquisition of a medical office building (MOB) in the greater Philadelphia market area.
The 27,500 square-foot MOB, located in Bensalem, Pennsylvania is tenanted by two prominent provider groups, Alliance Cancer Specialists and US Digestive Health/Gastrointestinal Specialists. The property includes an ambulatory surgery center with four operating rooms.
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 acquisition expands Montecito’s footprint in southeastern Pennsylvania. In the past year, Montecito also acquired medical office properties in East Norriton, Pottstown, King of Prussia and Bethlehem. Terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this acquisition represents the 29th MOB transaction in 2023. This is also Montecito’s seventh transaction of the year, adding 352,052 square feet and 13 facilities to its portfolio. In 2022, Montecito completed 43 transactions.
