Montecito Medical Acquires Pennsylvania Medical Office Portfolio
Nashville, TN — Montecito Medical Real Estate, the nation’s top privately held acquirer of medical office real estate in the U.S., has acquired the medical office portfolio owned by Lancaster Neuroscience and Spine Associates in Lancaster, Pennsylvania.
The two adjoining medical offices, constructed in 2009 and 1993 respectively, represent a combined total of 41,322 square feet. Lancaster Neuroscience and Spine Associates leases 90 percent of the space in the first building and approximately 40 percent of the second building, where it operates a NeuroSpine Center and performs outpatient surgical procedures. The NeuroSpine Center’s proximity to the group’s adjacent main office allows their providers to streamline and centralize patient care in a personalized, efficient way.
“We are very excited to partner with one of the area’s most respected specialty providers,” said Chip Conk, CEO of Montecito, “and we’re excited about the opportunity to help them continue to grow.”
Lancaster General Health currently leases 10 percent of one of the two buildings, where it maintains an outpatient surgery center dedicated to pain management and also provides family medicine, physical therapy, EKG, lab testing, and x-ray services. Lancaster General Hospital also provides physical therapy services at the second building. Neurosurgeons at the NeuroSpine Center are closely affiliated with Lancaster General.
Other tenants for the second building include Lancaster Family Allergy and the MRI Group, which provides MRI and CT imaging.
Both buildings are designated as Class A office buildings by the Building Office Managers Association (BOMA). According to BOMA, Class A facilities have “the most prestigious buildings competing for premier office users with rents above average for the area.” Among the other criteria for Class A office designation are high quality standard finishes, state-of-the-art systems, exceptional accessibility and a definite market presence.
Established in 1972, Lancaster Neuroscience and Spine Associates has developed an outstanding reputation for delivering excellent outcomes for patients. In addition to its facilities in Lancaster acquired by Montecito, the group maintains an office in Lebanon, Pennsylvania.
“We believe that this transaction reflects a recognition by Lancaster Neuroscience and Spine Associates of the advantages that our company can bring to its organization and to practicing physicians,” Conk said.
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 $2.33 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