Montecito Medical Real Estate has acquired two medical office buildings (MOBs) in Livingston and New Providence, New Jersey from The Silverman Group.
The two MOBs provide a range of medical services, including pediatrics, neurology, dermatology and radiology. The MOBs are fully leased to Summit Health, a healthcare provider serving the local communities. This acquisition marks Montecito’s entry into the New Jersey market.
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.
The seller was represented by Cushman & Wakefield. The buyer was represented by Leklen Realty.
According to data captured in the LevinPro HC database, this represents the 94th MOB transaction of 2023, as well as Montecito’s 17th MOB acquisition of the year. During 2022, Montecito announced 37 MOB deals.
