{"id":1004596001,"date":"2022-08-08T22:50:26","date_gmt":"2022-08-09T06:50:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004596001"},"modified":"2022-12-06T17:38:38","modified_gmt":"2022-12-07T01:38:38","slug":"montecito-medical-expands-in-tampa-area-with-20m-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/montecito-medical-expands-in-tampa-area-with-20m-buy\/","title":{"rendered":"Montecito Medical Expands in Tampa"},"content":{"rendered":"
\"hospital<\/a>

Image by Michael Schwarzenberger via Pixabay.com<\/p><\/div>\n

Montecito Medical<\/strong> has acquired a 37,000-square-foot medical office building in Lithia, Fla. According to CommercialEdge data, the asset sold for $20 million. Hillsborough County records show the property was subject to a $12 million acquisition loan, originated by Synovus Bank<\/strong>. According to the same records, the previous owner was Rubin Real Estate Advisors<\/strong>.<\/p>\n

The property was completed in 2021 and spans across 3.5 acres. Fully occupied under a long-term lease by Orthopaedic Medical Group of Tampa Bay, the building will serve as the group’s flagship location. The medical facility provides clinical services, orthopedic surgeries and physical therapy.<\/p>\n

Located at 13837 Circa Crossing Drive in Tampa’s FishHawk-Lithia suburban area, the property is approximately 20 miles southeast from downtown Tampa. The building is close to other medical facilities, such as dental care, pediatric care and dermatology centers.<\/p>\n

Chip Monk, CEO of Montecito Medical, stated in prepared remarks that the acquisition marks the expansion of the company\u2019s footprint in the Tampa-St. Petersburg market area. Currently, Montecito Medical’s portfolio of medical offices includes another property in Largo, Fla., and 54 across the U.S., CommercialEdge data shows.<\/p>\n

Last year, $16 billion were allocated to health-care real estate investments across the country and medical offices are still seen as a hedge against inflation and economic volatility. As shown in a CBRE report<\/a>, banks remain the main financing source for life science and health-care properties.<\/p>\n","protected":false},"excerpt":{"rendered":"

The facility will serve as the flagship location for an orthopedic practice.<\/p>\n","protected":false},"author":2829,"featured_media":1004596006,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21754,21742],"tags":[35085,51625,38911],"class_list":["post-1004596001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-medical-office","category-latest","tag-montecito-medical","tag-rubin-real-estate-advisors","tag-synovus-bank"],"acf":[],"yoast_head":"\nMontecito Medical Expands in Tampa - CPE<\/title>\n<meta name=\"description\" content=\"Montecito Medical acquired a 37,000-square-foot medical facility in Lithia, Fla. 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