Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of Rockwall Medical Office Building, the flagship location for Orthopaedic Specialists of Dallas.
The property in the Dallas suburb of Rockwall, which offers approximately 14,000 square feet of space, is 100% leased.
“We are excited not only to have been selected as the buyer of this outstanding property but also for the opportunity to enter into a long-term relationship with a highly respected provider group,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical.
The Rockwall acquisition is part of a larger portfolio of medical office properties in the Dallas MSA that Montecito is in the process of acquiring. The company will announce additional portfolio transactions as they are finalized.
Orthopaedic Specialists of Dallas, the dominant orthopedic practice in the Rockwall submarket, maintains four locations staffed by eight physicians across the area. The group specializes in sports medicine and arthroscopy, joint replacement, trauma and fracture management, pediatric orthopedics and regenerative medicine.
Rockwall is an affluent community 25 miles east of downtown Dallas and seat of one of the fastest growing counties in the United States. The property is conveniently situated along a busy commercial corridor near Texas Presbyterian Hospital Rockwall and several large residential neighborhoods.
The Rockwall acquisition continues the rapid expansion of Montecito’s footprint in Texas. In the past year the company has acquired medical office properties in Arlington, San Antonio, Austin, The Woodlands, Corpus Christi, Tyler, Texarkana, Katy, and Sunnyvale.
“Texas offers an abundance of opportunities for us to partner with provider groups and other owners of medical office properties,” said Chip Conk, CEO of Montecito Medical, “and we are excited that so many of them are turning to Montecito to help them make the most of their medical real estate.”