Montecito Medical Real Estate is acquiring a 14,649-square-foot medical outpatient building (MOB) located in Bloomington, Illinois.
Montecito Medical specializes in healthcare-related real estate acquisitions and funding. Since 2006, it has completed transactions involving more than $5 billion in medical real estate across the United States.
Cross Keys Capital, a leading independent investment banking firm providing M&A advisory services to physician group practices and healthcare services companies, served as the exclusive financial advisor to the seller, MC Support Property, LLC, in the sale of the MOB. Cross Keys Capital’s deal team consisted of Bill Britton and Roy Barnes.
MC Support Property, LLC is a closely held real estate entity of Illinois CancerCare, P.C. This transaction follows Cross Keys Capital’s recent advisory role in Illinois CancerCare’s strategic partnership with The US Oncology Network, which was announced in September 2024.
Bill Britton, Co-Founder and Managing Director of Cross Keys Capital, recently commented on the successful transaction.
“After assisting the Illinois CancerCare shareholders on the closing of a successful arrangement with The US Oncology Network, we are thrilled to extend our relationship with Illinois CancerCare by supporting the monetization of their real estate assets with an established and respected partner like Montecito Medical,” he said.
Arnold & Porter, led by Karl Marschel and Chris Anderson, provided legal counsel to Illinois CancerCare, P.C. and MC Support Property, LLC. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this acquisition marks the 187th MOB transaction of the year, and the eighth announced in Illinois. Additionally, this marks Montecito’s 20th deal of 2024, making it a slower year for the usually active MOB acquirer. Montecito’s 2024 deal totals are a 75% decrease from last year, when Montecito announced 35 MOB deals between January 1, 2023, and November 26, 2023.
