Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of two orthopedic medical office buildings in the Cincinnati area.
The buildings, which have a combined total of more than 130,000 square feet, are fully leased to Beacon Orthopedics, the Cincinnati area’s dominant orthopedic practice. Each of the properties — in Cincinnati and suburban Sharonville respectively — includes an ambulatory surgery center.
“We are excited by the opportunity to acquire these Class A assets and to build a long-term relationship with the physicians of this regionally prominent and respected orthopedic group,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical.
The seller was represented by Steve Timmel, Travis Likes, Jeff Johnston and Will Roberts of CBRE in Cincinnati and Lee Asher of CBRE Atlanta.
In more than 20 locations in Ohio, Kentucky and Indiana, Beacon Orthopedics provides a full range of services, including clinical orthopedics, orthopedic surgery, physical therapy and imaging. The Sharonville property serves as the group’s hub location.
“We were attracted to the strong fundamentals of this outstanding orthopedic group and are excited by the opportunities to partner with the physicians of Beacon Orthopedics as their practice continues to grow,” said Chip Conk, CEO of Montecito Medical.