Montecito Acquires Endoscopy Center Medical Building in Sherman, TX
Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a medical building that is home to an endoscopy center in Sherman, Texas.
The property, which offers 14,458 square feet of space, was completed in 2021. The building is 100% leased to Texas Digestive Disease Consultants (TDDC).
“We are pleased to acquire yet another brand-new medical office asset in North Texas, and for the opportunity to expand our existing relationship with a nationally prominent physician group in gastroenterology,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical.
The Sherman acquisition is part of a larger portfolio of medical office properties in the Dallas area that Montecito is in the process of acquiring. Over the past two months, Montecito also acquired properties in Bedford, Rockwall, Denton, Mansfield and Arlington as part of the portfolio. One of the two Bedford properties is also leased to TDDC.
The board-certified gastroenterologists at TDDC’s Sherman Endoscopy Center and Clinic, which includes an ambulatory surgery center, provide care for a range of gastro-intestinal conditions.
TDDC is a professional association of approximately 230 board-certified gastroenterologists who serve patients in medical offices and hospitals across Texas and Louisiana. The group is part of GI Alliance, the nation’s largest network of gastroenterology experts, encompassing physicians at more than 225 locations in 10 states. Dr. James Weber, President of TDDC, also serves as CEO of GI Alliance.
Sherman is a rapidly growing community of more than 45,000 people north of the Dallas/Fort Worth Metroplex, with projected job growth over the next decade higher than the national average. Sherman Endoscopy Center and Clinic is strategically well positioned adjacent to US 75, the primary highway artery through Sherman, and near to large residential neighborhoods.
The Sherman acquisition continues the rapid expansion of Montecito’s footprint in Texas. In the past year the company has acquired medical office properties in Arlington, San Antonio, Austin, The Woodlands, Corpus Christi, Tyler, Texarkana, Katy, Rockwall, Denton and Sunnyvale.
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 medical real estate owners and healthcare providers seeking to monetize or expand their holdings. Since 2006, it has completed transactions across the United States involving more than $5 billion in medical real estate. Headquartered in Nashville, TN, Montecito has been named as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Healthcare Real Estate Insights.