Montecito Medical Acquires Medical Park Property in Buffalo Area
Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of the Windsong Medical Park property in Williamsville, New York.
The two adjoining buildings that comprise the fully leased medical park offer a combined total of more than 72,000 rentable square feet of space. Windsong Radiology, a large radiology group, is the medical park’s anchor tenant, occupying slightly more than 41,000 square feet.
“It was a pleasure to work along with the Windsong physicians and leadership on this exciting acquisition,” said Tyler Rhoades, Director of Acquisitions at Montecito Medical. “We are thrilled to add a second Class A medical building in Buffalo to our portfolio this year, and we look forward to further expanding our presence and our commitment to the Buffalo Niagara Region in 2022.”
Founded in 1987, Windsong Radiology Group is the market’s dominant radiology practice, with 22 physicians and mid-level practitioners at five locations across Western New York. The group has grown to become one of the largest free-standing diagnostic imaging centers in the U.S., with more than 400,000 annual procedures. In 2016, they were joined by an additional three breast surgeons and two mid-level practitioners, comprising the Windsong Medical Health Alliance. Patients at the Williamsville location, which serves as the group’s hub, receive services that include 3-D mammography, breast biopsy, MRI, CT scans, PET/CT, ultrasound, nuclear medicine, bone density scans, x-ray and interventional and vascular services.
Dr. Thomas Summers, president of the medical park, said the deal took the better part of a year to complete. “This seemed a natural progression, allowing us to focus more time on our patients,” Summers said. “We are confident that, with Montecito’s experience specific to medical facilities, they will continue to maintain our site as the premier medical facility in Western New York.”
Approximately 25,000 square feet of the total space is leased by Kaleida Health, the largest healthcare provider in Western New York, managing five hospitals across an eight-county area. The health system provides cancer care services, including an infusion center at the Williamsville location.
The medical park’s other tenant, General Physician’s orthopedic group, is housed in approximately 3,290 square feet.
Williamsville is situated east of downtown Buffalo, near the confluence of Interstate 90 and I-290 and one mile north of Buffalo Niagara International Airport. The medical park property is located along a busy corridor adjoining residential neighborhoods and the North Campus of SUNY Erie Community College.
The Windsong Medical Park acquisition continues the expansion of Montecito’s footprint in the market area. In November, the company acquired a property occupied by the Ambulatory Surgery Center of Western New York in Amherst, another Buffalo suburb.
“We have deployed a significant amount of capital in the Buffalo area, and we continue to be attracted by the medical office opportunities here,” said Montecito CEO Chip Conk. “We look forward in 2022 to helping even more physician groups in Western New York make the most of their real estate.”
About Montecito Medical
Montecito Medical is one of the nation’s largest privately held companies specializing in healthcare-related real estate acquisitions and partnering with physicians and developers to fund development of medical real estate. The company also supports providers with a suite of AI-powered technology solutions that increase revenues, reduce costs and build physician wealth. Since 2006, Montecito has completed transactions involving more than $5 billion in medical real estate. Headquartered in Nashville, TN, the company has been named for five consecutive years as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Real Estate Forum. For more information, please visit www.montecitomac.com.