Montecito Medical Expands Dallas Portfolio

Medical office building at 6101 W. Plano Parkway

Montecito Medical has acquired a 31,247-square-foot medical office building in Plano, Texas. Collin County records show Certainty Home Loans sold the asset.

The property last traded in 2013, when the previous owner acquired the building for $5.3 million from Prodea, according to CommercialEdge data. In 2019, the asset became subject to a $7.2 million loan, with a maturity date set for 2029, provided by North Dallas Bank & Trust.

Chip Conk, CEO of Montecito Medical, stated in prepared remarks that the acquisitions and consequent partnering with medical providers offers the opportunity to find new ways to reduce costs, increase revenues and serve the patients by employing AI-powered technology solutions.

The facility was completed in 2000 and underwent cosmetic renovations in 2014. The two-story, Class B property sits on 3.6 acres, features one passenger elevator, and offers controlled access and 182 parking spots at a ratio of 5.6 per 1,000 square feet.

The tenant roster includes five medical providers, and the building is anchored by Dallas Neurological and Spine, which offers medical services such as imaging, physical therapy, neurology, pain management, wellness, regenerative medicine and behavioral health services.

The property is located at 6101 W. Plano Parkway, near the intersection of Dallas North Tollway and President George Bush Turnpike, 10 miles from downtown Plano and roughly 20 miles from central Dallas. Other medical facilities in the area include the American Institute for Plastic Surgery and Dallas Oral Surgery Associates, with Medical City Plano just 4 miles away.

Montecito Medical’s footprint expansion

Established in 2006, Montecito Medical has acquired medical office properties in 35 states, valued at more than $5.1 billion. Recently, the company grew its Kansas City footprint with the purchase of a six-building portfolio, a total of 95,769 square feet, sold by Discover Vision Centers.

In the past two years, Montecito continued to expand in the Dallas-Fort Worth area as well, with the acquisition of 15 medical office buildings. According to CommercialEdge data, 31 properties, of which 13 were primary medical offices, have traded in this market year-to-date, a total of approximately 3 million square feet.