Montecito Medical, a leading buyer of medical office properties nationwide, has acquired a medical office building in Fort Walton Beach, Florida.
The multi-tenant property, which offers nearly 47,000 square feet, is 100% occupied. Orthopaedic Associates, a dominant specialty group in the region, serves as the building’s anchor tenant. The property also includes a 10,135-square-foot ambulatory surgery center with three operating suites. The property is situated on the campus of HCA’s Fort Walton-Destin Hospital.
“This acquisition is a prime illustration of our strategy to invest in proven medical office properties involving market-dominant specialty groups and areas with attractive demographics,” said Rus Gudnyy, Senior Vice President of Investments at Montecito Medical. “We are pleased to add this asset to our portfolio and to partner long-term with the providers who deliver care here.”
Founded in 1988, Orthopaedic Specialists serves patients in the Florida Panhandle with 20 providers and office locations in Fort Walton Beach, Panama City, Destin, Niceville, and Crestview.
The acquisition was the tenth in Florida for Montecito in 2024 and the second last year in the Fort Walton-Panama City area. “Florida is extremely attractive for investments in high-quality medical office properties, and we are eagerly pursuing new acquisition and development opportunities across the state,” said Chip Conk, CEO of Montecito Medical.
