Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of the Ascension St. Mary’s Medical Office Building in Mequon, Wisconsin.
The brand-new building, which offers approximately 30,000 square feet of space, is 100% leased to Columbia St. Mary’s, Inc., part of the Ascension Wisconsin Health System. The property is adjacent to the campus of Ascension Columbia St. Mary’s Hospital.
“This represented an excellent opportunity for us to acquire a brand-new asset in an extremely attractive submarket area, and to build on a relationship with one of the nation’s largest and most respected health systems,” said Tyler Rhoades, Director of Acquisitions at Montecito Medical.
Ascension St. Mary’s offers a variety of services at the medical office building, including primary care, dermatology, cardiology, Mohs surgery for treatment of skin, and diagnostic radiology.
Ascension Healthcare is one of the leading nonprofit and Catholic health systems in the U.S., encompassing more than 150,000 associates and 40,000 aligned providers. The health system operates more than 2,600 sites of care – including 142 hospitals and more than 40 senior living facilities – in 19 states and the District of Columbia.
“We were thrilled to develop this exceptional healthcare facility for such a respected tenant that will provide enhanced healthcare options for years to come,” said John T. Ford, Partner of Mequon Medical LLC, the developer for the project.
Mequon is a growing suburb north of Milwaukee, with a large and affluent patient base. The medical office property is directly adjacent to Ascension Columbia St. Mary’s Hospital and conveniently located along Interstate 43, where a new exit/interchange will be added in 2022 that will improve access to the hospital campus.
The Mequon property adds to Montecito’s portfolio of newly constructed medical office buildings occupied by health systems in the Milwaukee area. In late 2020, the company also acquired the 130,000-square-foot Aurora 84South building in Greenfield.
One of more than a dozen medical office transactions closed by Montecito in December, the Mequon acquisition builds on what already had been a record-setting year for the company. “For us, 2021 marked the fifth consecutive year that we’ve shattered our previous record for acquisitions,” said Montecito CEO Chip Conk. “And we already have a robust pipeline for 2022.”