Montecito Medical Real Estate, a leading acquirer of medical office properties nationwide, announced on May 16 its acquisition of a three-building portfolio in Northern Utah.
The medical outpatient buildings (MOBs), which encompass a combined total of 48,527 square feet, are anchored and 100% occupied by Alpine Orthopaedic Specialists, a dominant specialty provider with 11 physicians and four locations across a service area that extends into Southern Idaho. The properties are situated in Logan, North Logan and Brigham City, Utah, respectively. The property in Logan includes an ambulatory surgery center.
Montecito Medical specializes in healthcare-related real estate acquisitions and funding. Since 2006, it has completed transactions across the United States involving more than $5 billion in medical real estate.
“As we expand Montecito’s real estate footprint in the Mountain West, we are excited to enter the Logan market area and to pursue additional opportunities to work collaboratively with providers not only make the most of their real estate but to enhance their operations and financial performance and build thriving practices,” said Chip Conk, CEO of Montecito Medical.
According to data captured in the LevinPro HC database, this transaction marks the 65th MOB acquisition of 2024. This also marks Montecito’s sixth MOB acquisition of 2024. The company made 37 acquisitions during 2023, and 43 during 2022. Financial terms of the deal were not disclosed.
