Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a medical building in the Dallas Metro area that is home to the Digestive Health Center of Allen.
The facility, which offers 10,860 rentable square feet, opened in late 2020 and is 100% leased. The state-of-the-art facility includes an ambulatory surgery center (ASC) with an operating room, three procedure rooms and 14 pre-operation rooms and post-anesthesia recovery bays.
Physicians at the center provide care for a wide range of gastrointestinal conditions. The group is part of GI Alliance, the nation’s largest network of gastroenterology experts, encompassing physicians at more than 225 locations in 10 states.
“We are excited to acquire such an outstanding, nearly new asset in one of the most attractive submarkets of the Dallas/Fort Worth Metroplex,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical. “We also are pleased to establish a long-term relationship with another leading provider group in this area that is affiliated with GI Alliance.” The property is advantageously situated along the Highway 121 expressway and adjoins a number of residential neighborhoods. Allen is a rapidly growing, affluent suburb in the northern portion of the Metroplex, with a median family income more than 50 percent above the national average. The city of approximately 100,000 is projected to experience a job growth rate of 45 percent over the next decade.
The Allen acquisition continues Montecito’s rapid expansion in the DFW Metroplex area. In recent months the company has acquired medical office properties in Rockwall, Arlington, Mansfield, Sherman, Bedford, Duncanville and Sunnyvale.
“As we build a critical mass of medical office assets in the Dallas/Fort Worth area, we will be able to better serve the physicians who take care of all of us,” said Chip Conk, CEO of Montecito Medical. “We look forward to announcing even more acquisitions in the Metroplex in the coming weeks.”