Montecito Medical Real Estate has acquired an 85,292-square-foot medical outpatient portfolio in Texas. The portfolio consists of two purpose-built, Class A medical outpatient buildings (MOBs) in the Houston and Dallas MSAs. Berkadia’s Medical & Life Sciences platform announced the closing of the sale on December 5, 2024.
One of the MOBs, called the Memorial Hermann Sports Park, totals 53,165 square feet and is located on the campus of Memorial Hermann Katy Hospital in Katy, Texas. The two-story medical property was built in 2019 and is 100% leased by Memorial Hermann and Athlete Training & Health.
The other MOB, called the Allen Sports Park, is 32,127 square feet and located in the northern Dallas suburb of Allen, Texas. The property was built in 2020, is 100% leased to Texas Health Resources and Athlete Training & Health, and is situated on the campus of Texas Health Presbyterian Hospital – Allen.
Both of the Texas properties offer sports medicine and physical therapy treatments, a large outdoor athletic field, as well as state-of-the-art athletic training centers.
Montecito Medical Real Estate 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.
Berkadia’s Sabrina Solomiany, Eric Lee, Vasili Davos, Chris Lashmet and George Desloge acted as the exclusive advisors to Montecito Medical on the transaction. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this acquisition marks the 192nd MOB transaction of the year, and the 26th announced in Texas. Additionally, this marks Montecito Medical’s 27th deal of 2024, including its 22nd MOB deal. This is a slower year for the usually active MOB acquirer. Montecito Medical announced 37 deals during 2023, including 35 MOB deals.
