NEW YORK CITY-Locally based ING Clarion Partners and Montecito Medical Investment Co. have joined forces to acquire medical office facilities throughout the US. The JV has already purchased four properties for a total investment of more than $90 million.

The four buildings total 466,000-sf and are the El Dorado in Tucson, Vero Beach Medical Suites in Vero Beach, FL, Gwinnett Medical Office in Lawrenceville, GA and Knoll I & II in Columbia, MD. Broad Street Advisors advised Montecito on the deal and Robert Rizzi, EVP for Broad Street, was the broker for the four transactions. The details of the individual transactions were not disclosed including the seller, building size or sale price. A spokesperson for ING Clarion says “We prefer not to comments on the specifics of each individual transaction as we are building a portfolio which will be measured by overall performance.”

The JV will continue to acquire medical office properties and is currently pursuing a number of additional acquisitions, according to the spokesperson.

The move to acquire medical office buildings is fueled in part by the country’s aging population, the move of technology-based services out of hospitals and the increase in out-patient care. The exact acquisition target for 2007 was not disclosed, but the JV plans to continue to actively pursue properties across the country, especially in “the sun belt states along the eastern seaboard down to Florida, and across the southern tier.” Acquisitions will be looked at on a case by case basis.

“We believe that medical office properties hold significant promise for investors in many of the portfolios under our management,” says Edward Rotter, managing director at ING Clarion. “The tenant base is strong and stable, occupancy rates are high, and the current ownership is highly fragmented with few of these properties in the portfolios of institutional investors. We are looking forward to being a part of this exciting new market opportunity.”

Broad Street declined to comment on the deals.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.