Montecito Medical has completed the acquisition of a medical office property in Bethlehem, Pennsylvania.
The two-story, multi-tenant St. Luke’s Medical Office Building, which offers just under 20,500 square feet of space, is fully leased.
“We are pleased to be entrusted with this outstanding asset and for the opportunity to build a relationship with a leading health system and the physicians who practice in this building,” said Luke Zarzecki, Acquisitions Associate at Montecito Medical.
Jason Kramer, Josh Haber and Matt Lipson of Binswanger represented the seller in the transaction.
St. Luke's Health System, the building’s anchor tenant, is the leading provider of primary and specialty care in the greater Lehigh Valley in Pennsylvania and Warren County, New Jersey. With 14 hospital campuses and more than 2,000 physicians, St. Luke’s University Health is one the region’s largest health systems. The Bethlehem office is staffed by physicians specializing in internal medicine.
Bethlehem Eye Associates, the building’s other tenant, is an affiliate of Prism Vision Group. The practice’s 7 board-certified ophthalmologists provide advanced, comprehensive medical and surgical eye. The physicians also teach the next generation of doctors, serving as a principal outpatient training location for St. Luke’s University Health Network doctors.
The property is advantageously situated in the heart of Bethlehem at the intersection of two highly traveled roads with convenient access to Routes 378 and 22. The building is also within a busy corridor of medical offices that is less than three miles from two hospitals with a combined total of 850 beds.
Bethlehem, which is approximately 50 miles north of Philadelphia, is part of Pennsylvania’s third-largest metropolitan statistical area (MSA).
The acquisition expands Montecito’s growing footprint in eastern Pennsylvania, with additional acquisitions in the area planned for 2022. “We are making significant investments in medical real estate in this area and look forward to working with physician groups here to build wealth while building stronger practices for their patients,” said Chip Conk, CEO of Montecito Medical.