Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a medical office building in Arlington, Texas, that is home to a surgery center operated by the dominant urology group in the area.
The property, which offers more than 16,000 square feet of space, is 100% leased to Urology Partners of North Texas.
“We are very pleased to acquire this prime property in a great market and for the opportunity to enter into a long-term relationship with such a dynamic and growing specialty medical provider,” said Rus Gudnyy, Senior Vice President, Investments for Montecito Medical.
Urology Partners of North Texas (UPNT) is a leading provider in the market, with 26 physicians and nine locations across the Dallas-Fort Worth area. At the Arlington location, the group provides general urology services, urological surgeries, radiation oncology and imaging.
The property, at 2400 Matlock Road in South Arlington, is one mile north of Medical Center Arlington, a full-service acute care hospital that is an affiliate of HCA Healthcare. The property is advantageously situated in a busy commercial district near three major traffic arteries. Arlington is part of the 16th-largest metropolitan statistical area in the United States, with a large and growing patient base.
“UPNT is proud to partner with Montecito Medical with the Arlington real estate transaction,” said Bob Yonke, CEO of U.S. Specialists Management, LLC. “The physicians and management team look forward to partnering with Montecito on our Fort Worth project, which consolidates multiple clinic offices, expands the Texas Cancer Specialists facility, and adds a second ASC to efficiently provide quality patient care to our growing practice and patient population.”
The Arlington acquisition continues the rapid expansion of Montecito’s footprint in Texas. In the past year the company has acquired two medical office properties in San Antonio as well as buildings in Austin, The Woodlands, Corpus Christi, Tyler, Texarkana, Katy, 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.