Montecito Medical Real Estate, based in Nashville, Tennessee, announced its third transaction of the month with the acquisition of Tallahassee Memorial HealthCare, a medical outpatient building (MOB).
The MOB comprises 46,969 square feet and is tenanted by Tallahassee Memorial HealthCare. Tallahassee Memorial HealthCare is a dominant nonprofit healthcare system serving a 21-county region across North Florida and South Georgia. Tallahassee Memorial HealthCare uses the MOB to primarily to provide pulmonary care and physical therapy. The system operates a 772-bed acute care hospital and encompasses approximately 50 affiliated practices.
Montecito Medical specializes in healthcare-related real estate acquisitions and funding. Since 2006, it has completed transactions involving more than $6.5 billion in medical and veterinary real estate transactions.
This marks Montecito Medical’s 23rd acquisition of 2025. The property represents the twelfth acquisition for Montecito in Florida, and the second in Tallahassee since the beginning of 2024. The financial terms were not disclosed.
According to data captured in the LevinPro HC database, this transaction marks the 155th MOB deal of the year. So far, MOBs account for nearly 10% of all healthcare transactions that have been reported in 2025. There were 213 MOB transactions announced in 2024, and 199 in 2023. This deal also marks the 15th MOB to be purchased in Florida since the start of the year.
Additionally, in 2025, Montecito Medical has expanded its network by more than 45 properties across the United States, totaling more than 1.15 million square feet. It has purchased facilities in Florida, Texas, South Carolina, Rhode Island, New York, Georgia, Indiana, Minnesota, Arizona, Ohio and California.
