Montecito acquires medical office property in Phoenix area

Montecito Medical, a leading buyer of medical office properties nationwide, has acquired a medical office building in Avondale, Arizona.

The 29,000-square-foot property is fully leased, tenanted by two specialty providers: Phoenix Heart and Arizona Arthritis Rheumatology Associates.

“We are excited to add another well-situated medical property with two outstanding specialty practices to our real estate portfolio in this growing submarket in the Phoenix area,” said Rus Gudnyy, Senior Vice President of Investments at Montecito Medical.

Established in 1981, Phoenix Heart has grown to maintain eight locations across the area and has earned recognition for seven consecutive years by Ranking Arizona magazine as the top cardiology group in the state.

Specializing in the diagnosis and management of autoimmune disorders, Arizona Arthritis Rheumatology Associates (AARA) operates 12 locations across the state.

“Because of its outstanding fundamentals, the greater Phoenix area remains one of the most attractive markets for medical real estate investment, and we are excited to continue to expand our substantial footprint here,” said Chip Conk, CEO of Montecito Medical.



About Montecito Medical
Montecito Medical is one of the nation’s largest privately held companies specializing in medical and veterinary real estate acquisitions and partnering with providers and developers to fund the development of new properties. 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 more than $6.5 billion in medical and veterinary real estate transactions. Headquartered in Nashville, TN, the company has consistently been named as a "key influencer in healthcare real estate" by GlobeSt.com and the editors of Real Estate Forum.
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