Earlier this month, Montecito Medical Real Estate acquired the University Medicine Medical Office Building in East Providence, RI.

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WILLMAR, MN—Montecito Medical reports it has completed its 15^th medical official building acquisition this year—the acquisition of a 100% leased class A property here.

The deal marks the fast growing healthcare real estate investment firm's entrance into the Minnesota marketplace. No financial terms of the transaction were released.

Constructed in 2005, the two-story office property was built-to-suit for Fischer Laser Eye Center and Janning Ear, Nose, and Throat Center. Fischer leases 75% of the building's 31,775 square feet with the remaining 25% of the building serving as the flagship office for Janning ENT, a practice with satellite locations in hospitals through central Minnesota.

The Fischer Laser Eye Center in Willmar, located approximately 90 miles west of Minneapolis, is the flagship facility of a regional practice with six other locations in central Minnesota. The Fischer practice also houses an almost 8,000 square-foot ambulatory surgery center where patients can receive LASIK, cataract, cornea, and refractive procedures.

“We are pleased to acquire this outstanding medical office building in a highly attractive and growing market,” says Chip Conk, CEO of Montecito Medical Real Estate, which is headquartered in Nashville, TN. “This transaction, which marks the first asset our company has acquired in Minnesota, further solidifies our position as one of the fastest growing medical real estate companies in the country. We work to create wins for all parties because we're in the business of gaining long-term partners, not just acquiring properties.”

Last month, Montecito Medical Real Estate acquired the University Medicine Medical Office Building in East Providence, RI.

The four-story, 68,500 square-foot property is the largest facility for University Medicine, which operates nine other clinics throughout Rhode Island. University Medicine, which is part of Brown Physicians, Inc., is one of the largest primary care providers in Rhode Island.

In July, Montecito Medical acquired the Beth Israel Deaconess medical office building in Plymouth, MA.

Instant Insights /

Montecito Continues Growth Drive with Central Minnesota Purchase

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