Montecito Medical, a leading buyer of medical outpatient properties nationwide, made two deal announcements on October 15, 2024.
The first was the acquisition of a two-building medical office building (MOB) portfolio in central Alabama. The two Alabama MOBs, located in in Birmingham and Montgomery, respectively, are fully leased and total more than 25,700 square feet. Surgical Dermatology Group, a market-dominant specialty provider with nine locations across Alabama, is the anchor tenant. The Birmingham property, which includes an ambulatory surgery center, is Surgical Dermatology Group’s flagship location.
The second deal announcement was the acquisition of a two-building MOB portfolio in the Tallahassee, Florida MSA. The buildings are located in Tallahassee, Florida and Thomasville, Georgia and total more than 16,000 square feet. Both properties are fully occupied by Southeast Neurological Specialists. Southeast Neurological Specialists is a leading independent practice that serves the Florida Panhandle and Southern Georgia.
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.
According to data captured in the LevinPro HC database, these acquisitions mark the 151st and 152nd medical outpatient building transaction of the year. Additionally, Montecito Medical has completed 17 acquisitions throughout the year.
This news comes after a few months of silence from the usually active Montecito Medical, which hasn’t announced any acquisitions since August 2024. Financial terms of the deal were not disclosed.
