Montecito Buys West Texas MOB

Montecito Medical has acquired a 23,000-square-foot medical office building in Midland, Texas. The property features an ambulatory surgery center and an imaging center.

Midland Ambulatory Surgery Center anchors the two-story facility that was fully leased at the time of sale. Other tenants include Choice Care Surgery Center and NuChoice Imaging Center.

Midland Ambulatory Surgery Center is a joint venture involving physicians between Midland Memorial Hospital and United Surgery partners International. The practice provides colonoscopy, endoscopy, orthopedics and urology services.

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Located at 2106 Midland Drive, the medical outpatient facility is close to Highway 250 and 11 miles from Midland International Air & Space Port. Other medical providers in the area include Delight Pediatrics, Basin Dermatology & Cosmetic Center and Pedicare Children’s Clinic.

The Midland purchase comes less than a month after Montecito obtained nearly $66 million for the refinancing of Murfreesboro Medical Clinic. The 221,000-square-foot medical property in Murfreesboro, Tenn., is some 32 miles from downtown Nashville.

Montecito’s recent MOB deals

Since its 2006 founding, Montecito Medical Real Estate completed more than $6.5 billion in medical and veterinary real estate transactions. The firm’s portfolio spans 40 states.

At the beginning of the year, the company acquired Chandler Medical Pavilion, a 65,931-square-foot outpatient facility in Chandler, Ariz. A partnership between Unbound Development and Webb Investments sold asset that was fully leased at the time of the deal.

A few months later, Montecito sold Tosa Health Center, a 100,977-square-foot medical building in Wauwatosa, Wis., to Hammes Partners. The three-story property was built in 1998.