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Montecito Medical Acquires Three Medical Office Building Portfolios in June
Montecito Medical Real Estate has had an active June, purchasing three medical office building (MOB) portfolios in Georgia, Nevada and Virginia. Montecito Medical Real Estate specializes in healthcare-related real estate acquisitions and funding. Since 2006, it has completed transactions across the U.S. involving more than $5 billion in medical real estate. Montecito acquired a 27,606-square-foot MOB in Chesterfield, Virginia, on June 3, for $12.25 million from Stanley Shield Partnership. The building opened in 2018 and is 100% leased to four tenants: Vital Care Family Practice; LabCorp; James River Cardiology; and Absolute Dermatology & Skin Cancer Center. The providers at the... Read More »
Remedy Medical Properties Makes Fourth Acquisition of the Year
Remedy Medical Properties, Inc., purchased another medical office building (MOB) facility. On June 2, Remedy announced that it acquired a two-property MOB portfolio in South Portland, Maine, for $29.75 million from East Brown Cow Management, Inc., marking Remedy’s fourth deal of 2022. The deal closed on May 27. The two buildings have a combined 76,700 square feet. Primary tenants of the property include InterMed, a physician-owned medical group, and Chest Medicine Associates, a medical practice that specializes in pulmonary and sleep care. The price of the transaction was $387 per square foot. Remedy Medical Properties is a national healthcare real estate company for health systems... Read More »
JLL Acquires Flagstaff, AZ MOB for $17.2 Million
The medical office building (MOB) sector seems to never sleep, as JLL Income Property Trust, an institutionally managed daily NAV REIT with approximately $6.5 billion in portfolio assets, acquired yet another MOB. JLL announced on May 25 that it would acquire Flagstaff Medical Center, a newly constructed, state-of-the-art MOB in Flagstaff, Arizona, for $17.2 million. According to the LevinPro HC database, this transaction marks the 82nd MOB transaction of the year so far, as well as the 26th transaction of Q2:22. Additionally, this marks JLL’s 7th MOB acquisition of 2022. So far, the REIT has acquired approximately 315,869 square feet for nearly $146.4 million in announced spending.... Read More »
Sila Realty Trust Acquires Pleasant Hills MOB
On May 19, Sila Realty Trust, Inc., a public, non-traded REIT focused on healthcare properties, announced the acquisition of a multi-tenant medical office building (MOB) in Pleasant Hills, Pennsylvania for a contract purchase price of $14 million, excluding acquisition costs. This is Sila Realty Trust’s third transaction since the start of 2022 and the 78th MOB acquisition of the year. In January, Sila Realty Trust acquired a portfolio consisting of three MOBs totaling 132,617 square feet and two parcels of land totaling 1.52 acres for $47 million. Then, in March, the company acquired a Class-A MOB in the Oklahoma City area for $19.4 million. The Pleasant Hills property is a single-story... Read More »
Montecito Medical Expands Further into New York
On May 11, Montecito Medical announced that it acquired two medical office buildings (MOB) outside of Rochester, New York. The two properties, which are in Penfield, are 100% leased to University of Rochester Medicine (UR Medicine). UR Medicine is one of the largest healthcare systems in New York and consists of almost 1,500 beds and more than 1,000 specialists. Montecito Medical is one of the largest privately-held companies specializing 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 acquisition continues the expansion of Montecito’s footprint in... Read More »Schedule a demo
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