Montecito Medical Real Estate announced on March 12 that it has purchased two medical office buildings (MOBs) in Minnesota, marking its third transaction of the year.
The two MOBs, which encompass a total of 13,100 square feet, are located in the suburban communities of Maplewood and Apple Valley, Minnesota in the Minneapolis–Saint Paul MSA. Both are 100% occupied by Minnesota Women’s Care.
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.
The acquisition of the MOB expands Montecito Medical’s presence in the Minneapolis–Saint Paul MSA. In October 2023, Montecito acquired a 32,711-square-foot building tenanted by Minnesota Women’s Care in Woodbury, another Twin Cities suburb.
According to data captured in the LevinPro HC database, this transaction marks the 39th MOB acquisition of 2024, as well as Montecito’s third transaction. The company has also acquired MOBs in Richmond, Virginia and Peoria, Illinois, both for undisclosed prices. Montecito Medical made 37 acquisitions last year. There were 194 MOB transactions reported during 2023, and 215 during 2022.
