Montecito Medical Real Estate, a leading buyer of medical outpatient properties nationwide, announced the purchase of a medical outpatient building (MOB) in the St. Louis, Missouri, MSA. The transaction was announced by Montecito Medical on November 8, 2024.
The 22,100-square-foot MOB is fully occupied by St. Louis Heart & Vascular, a full-service cardiology and vascular practice. Financial terms of the deal were not disclosed.
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.
“We are excited to add this property to our portfolio and to enter into a long-term relationship with a leading specialty provider group in the St. Louis market area,” said Rus Gudnyy, Senior Vice President of Investments at Montecito Medical.
“With our fourth medical office acquisition in Missouri over the past five years, we are pleased to expand our presence in the state as we continue to pursue opportunities to serve our investors and to help provider groups thrive,” said Chip Conk, CEO of Montecito Medical.
According to data captured in the LevinPro HC database, this acquisition marks the 175th MOB transaction of the year, and the fourth announced in Missouri. Additionally, this marks Montecito Medical’s 18th deal of 2024. This is a slower year for the usually active MOB acquirer. Last year, between January 1, 2023, and November 8, 2023, Montecito Medical announced 37 MOB deals, more than double its M&A activity so far this year.
