Montecito Medical Real Estate, a leading acquirer of medical office properties nationwide, has completed its acquisition of a 34,369 square-foot medical office building (MOB) in Indianapolis, Indiana. Terms of the deal were not disclosed.
The MOB is tenanted by the Midwest Center for Joint Replacement, which uses the property for orthopedic clinical care, orthopedic surgeries and physical therapy. Midwest Center for Joint Replacement is the dominant orthopedic group within a 10-mile radius of the property’s location on the southwest side of Indianapolis. The group maintains an additional location in Bloomington, Indiana.
Montecito Medical Real Estate 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.
Montecito Medical was the busiest acquirer of MOBs in 2022, with 43 transactions announced, totaling approximately 1.4 million square feet. The acquisition of the MOB adds to Montecito’s existing portfolio in Indiana. Earlier in December, Montecito acquired three other medical office properties in Indiana, in addition to the company’s four acquisitions in the state in 2020 and 2021.
