Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a medical office building in Fort Worth, Texas, that is home to the area’s dominant urology group.
“We are pleased to acquire this prime property in a great market and for the opportunity to build on the long-term relationship we have established with this growing specialty medical provider,” said Rus Gudnyy, Senior Vice President, Investments for Montecito Medical.
The 37,000-square foot property, which includes two linear accelerators and three operating rooms, is 100% leased to Urology Partners of North Texas (UPNT). The property serves as the group’s hub and also houses its sister companies, Surgical Centers of North Texas and Texas Cancer Specialists.
“Urology Partners of North Texas, Texas Cancer Specialists, and Surgical Centers of North Texas are excited about expanding our partnership with Montecito with the sale of our new state-of-the-art, multidisciplinary medical professional building in Fort Worth,” said Bob Yonke, CEO of U.S. Specialists Management, LLC. “As our footprint with specialty practices continues to grow, our physicians and management team are pleased to have Montecito as our long-term real estate partner.”
Last year, Montecito also acquired a surgery center property in nearby Arlington that is leased by UPNT. The latest acquisition continues the rapid expansion of Montecito’s footprint in the Dallas/Fort Worth area. Since the beginning of 2021 the company has acquired medical office properties in Allen, Rockwall, Bedford, Mansfield, Sherman, Duncanville, The Colony and Sunnyvale.
“Texas is one of the fastest growing states in the country, and we are excited to grow along with it as physician groups seek to capitalize on their real estate to build stronger practices and better serve their patients,” said Chip Conk, CEO of Montecito Medical.