Montecito Acquires Hagerstown Heart Medical Office Property in Western MD
Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a 20,454 square-foot medical office property in Hagerstown, Maryland.
The building is 100% occupied by Hagerstown Heart, which is affiliated with Meritus Health.
“Building on our earlier acquisition here of the medical building that is home to Capital Women’s Health, we are making a major investment in the Hagerstown market,” said Colin Verlac, Acquisitions Associate at Montecito Medical. “We are excited about the opportunities here, and we are particularly pleased to begin a long-term relationship with yet another premier medical specialty group and with a leading health system.”
Julian P. Etches and Joe Donegan of Scheer Partners, Inc., brokered the transaction.
Hagerstown Heart is the market area’s dominant cardiology practice. At the property, the group’s staff, which includes seven physicians, utilizes state-of-the-art methods and technologies to diagnose and treat a range of cardiac issues. Hagerstown Heart also is the area’s only practice with onsite PET (positronic emission tomography) scanning capabilities.
Northwest of Washington, D.C., Hagerstown anchors one of the fastest growing metropolitan areas in the United States. The Hagerstown Heart property is situated in a growing medical corridor along a heavily trafficked area of US Route 40, the main artery running through the city. The building is also 1.5 miles from Meritus Medical Center, the 300-bed flagship hospital for Meritus Health.
“As physicians tell their peers about their experiences in partnering with Montecito, we often gain opportunities to build relationships with multiple practice groups in a particular area or specialty,” said Chip Conk, CEO of Montecito Medical. “We are pleased to be able to grow our presence in Hagerstown in this way, and to be able to help more physicians here build stronger practices for their patients.”
About Montecito Medical
Montecito Medical is one of the nation’s largest privately held companies specializing in healthcare-related real estate acquisitions and partnering with physicians and developers to fund development of medical real estate. The company also supports providers with a suite of AI-powered technology solutions that increase revenues, reduce costs and build physician wealth. Since 2006, Montecito has completed transactions involving more than $5 billion in medical real estate. Headquartered in Nashville, TN, the company has been named for five consecutive years as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Real Estate Forum. For more information, please visit www.montecitomac.com.