Montecito Medical, a leading acquirer of medical office properties nationwide, has completed the acquisition of a medical office property in the greater Philadelphia market area.
The 27,500 square-foot building, located in Bensalem Township, is tenanted by two prominent provider groups, Alliance Cancer Specialists and US Digestive Health/Gastrointestinal Specialists. The property includes an ambulatory surgery center with four operating rooms.
“This was an excellent real estate acquisition to round out another outstanding year for our company,” said Rus Gudnyy, Senior Vice President of Investments at Montecito Medical. “And we are excited to enter 2023 by beginning a long-term relationship with these two established and well-regarded provider groups.
Alliance Cancer Specialists is the largest community oncology practice in Southeastern Pennsylvania, with 14 locations across the area. US Digestive Health is the leading gastroenterology group in Eastern Pennsylvania, with more than 30 locations in the region.
Bensalem is dynamic and diverse suburban community approximately 15 miles northeast of downtown Philadelphia and is situated within the Philadelphia MSA, the nation’s 8th-largest metro area.
The acquisition expands Montecito’s footprint in southeastern Pennsylvania. In the past year, the company also acquired medical office properties in East Norriton, Pottstown, King of Prussia and Bethlehem, along with a veterinary office property in Norristown. “We are particularly bullish on the medical real estate opportunities we are seeing in this area, and we look forward to announcing more acquisitions here as 2023 unfolds,” said Chip Conk, CEO of Montecito Medical.