Montecito Medical, one of the nation’s most active investors in medical office real estate, has acquired a health system-affiliated medical office building in Tallahassee, Florida.
Tallahassee Memorial HealthCare, which fully occupies the 46,969-SF property, uses the space primarily to provide pulmonary care and physical therapy. The property is situated three miles northeast of downtown Tallahassee.
“We are pleased by this acquisition, which follows our strategy of building long-term real estate partnerships with leading health systems in markets with strong fundamentals,” said Rus Gudnyy, Senior Vice President of Investments at Montecito Medical.
Tallahassee Memorial HealthCare is a dominant nonprofit healthcare system serving a 21-county region across North Florida and South Georgia. The system operates a 772-bed acute care hospital and encompasses approximately 50 affiliated practices. It is the region’s largest private employer.
The property represents the twelfth acquisition for Montecito in Florida and the second in Tallahassee since the beginning of 2024. “Florida is an important growth area for our company, given its demographics and the number of opportunities we are seeing for real estate investment,” said Chip Conk, CEO of Montecito Medical. “We are actively pursuing new opportunities here and hope to announce additional acquisitions in 2025.”
