Montecito Medical, a leading acquirer of medical office properties nationwide, announced on June 4 that it has completed the acquisition of a portfolio consisting of six medical outpatient buildings (MOBs) in the Atlanta, Georgia MSA.
The six MOBs, which represent a combined total of more 85,000 square feet, are 100% occupied. Thomas Eye, a dominant eye care provider in the area, serves as anchor tenant. The buildings are situated in the suburban and exurban communities of Roswell, Sandy Springs, Tyrone, Newnan, Woodstock and Lilburn, Georgia. Two of the properties include surgery centers for ophthalmic procedures.
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 billion in medical real estate.
The acquisition represents the second portfolio of buildings used by eye care providers Montecito has purchased in recent months. The company acquired a portfolio of seven ophthalmology-focused properties in South Carolina in October 2023. Across all specialties, Montecito currently owns 35 medical office buildings in the Atlanta area.
“As we actively expand both our regional footprint and our relationships with ophthalmology groups, we are excited about the number of opportunities we are seeing from providers seeking to optimize the value of their real estate,” 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 75th MOB acquisition of 2024. This also marks Montecito’s ninth MOB acquisition of 2024. The company made 37 acquisitions during 2023, and 43 during 2022. Financial terms of the deal were not disclosed.
