Montecito Medical Real Estate announced that it has acquired a 16,000-square-foot medical office building (MOB) in Peoria, Illinois.
The building is 100% occupied under a long-term lease by Springfield Clinic, a leading health provider in north central Illinois. The building includes an OB/GYN clinic, 26 exam rooms, two ultrasound rooms, a procedure room and a designated lab space.
Montecito Medical Real Estate specializes in healthcare-related real estate acquisitions and funding. Since 2006, it has completed transactions across the United States involving more than $5.1 billion in medical real estate.
“We are thrilled to expand our medical real estate footprint in Illinois, and especially by the opportunity to build a partnership with Springfield Clinic that encompasses solutions beyond real estate that help physicians thrive and better serve their patients,” said Chip Conk, CEO of Montecito Medical. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this transaction marks the 36th MOB acquisition of 2024, as well as Montecito’s second transaction. Last month, the company acquired a MOB in Richmond, Virginia for an undisclosed price. Montecito Medical made 37 acquisitions last year. There were 194 MOB transactions reported during 2023, and 215 during 2022.
