Montecito Medical Acquires Central Minnesota Medical Office Building
Nashville, TN — Montecito Medical, a premier owner of medical office properties throughout the United States, has completed the acquisition of a Class A medical office building in Willmar, Minnesota, that houses one of the region’s leading specialty providers.
With over 360 lakes, Willmar is known for its thriving arts scene, exceptional school districts and growing job market.
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, which leases 75 percent of the building’s 31,775 square feet, is a prominent regional physician group. The remaining 25 percent of the building serves as the flagship office for Janning ENT, a practice with satellite locations in hospitals through central Minnesota.
The property represents the 15th medical office acquisition for Montecito Medical so far in 2018, continuing a trend that has seen the company grow to become the nation’s leading privately held acquirer of medical office real estate for the previous two years.
“We are pleased to acquire this outstanding medical office building in a highly attractive and growing market,” said Chip Conk, Chief Executive Officer of Montecito Medical Real Estate. “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.”
The Fischer Laser Eye Center in Willmar, roughly 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. All Fischer Laser Eye Center patients that require surgery go to this location.
As the market leader in cataract procedures, Fischer Laser Eye Center provides additional eye care services, including primary eye care, affordable and premium eyewear and advanced diagnostic services.
Janning ENT Center provides a wide variety of services to address disorders of the ear, nose, throat, head and neck for patients of all ages. The building acquired by Montecito is the flagship location for the practice, which also has satellite offices at various hospitals throughout central Minnesota.
“On behalf of the building owners, I would like to commend the staff of both Montecito Medical and Newmark Knight Frank for the professionalism and leadership they both provided through our real estate transaction. What could have been an uncomfortable and anxiety provoking experience – wasn’t. It was seamless and expertly administrated,” said Jeff Fischer, MD, owner of Fischer Laser Eye Center. “The initial gamble that the owners took in the design and construction of our facility years ago in a rural area has paid huge dividends in establishing our practices as “the place to go” for specialty care in the region. It is very satisfying to know that it will continue as such for many years to come. Thank you once again Montecito Medical and Newmark Knight Frank.”
About Montecito Medical
Montecito Medical is one of the nation’s largest privately held companies specializing in healthcare-related real estate acquisitions and funding the development of medical real estate. Montecito is a leading resource for both real estate owners and healthcare providers seeking to monetize or expand their holdings. Montecito has offices in Nashville, Tenn., Austin, Tex., Portland, Ore., and Orange County, Calif. Since 2005, it has transacted on more than $2.8 billion in medical real estate totaling over six million square feet in 28 states. To date, Montecito has more than $1 billion in capital available to expand holdings in its medical office portfolio throughout the United States. Its current portfolio and healthcare system relationships include UCLA, Cleveland Clinic, Johns Hopkins, Holston Medical Group, Urology of Virginia, OrthoCarolina, Bon Secours, Maine General, Carolinas Health System, EmergeOrtho and State of Franklin Healthcare Associates.
Contact: Joellyn Shannon, VP Marketing & Strategic Initiatives