Montecito Medical Acquires Surgery Center Facility in Pittsburgh Area
Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of The Surgery Center at Cranberry, a multi-specialty ambulatory surgery center (ASC) leased to a leading medical provider in the Pittsburgh suburb of Cranberry Township, Pennsylvania.
The Surgery Center at Cranberry is 100% leased to Scott & Christie Eyecare Associates. The two-story, 20,650 square-foot facility was constructed in 2003.
“Ambulatory surgery centers are at the forefront in today’s evolving healthcare landscape, and we are very pleased at the opportunity both to acquire this state-of-the-art surgical center and to enter into a long-term relationship with one of the most outstanding providers in the Pittsburgh area,” said Chris Conk, a principal and founder of Montecito Medical. “We also are excited to establish a presence in Cranberry Township, one of the most dynamic and fast-growing medical markets not just in Pennsylvania but in the entire country.”
The Surgery Center at Cranberry provides same-day, outpatient service to residents of the Tri-State area. The Center, which is currently licensed to perform ophthalmological and plastic surgeries, occupies 10,325 square feet of space on the first floor, which includes three operating rooms, two procedure rooms, one laser room and 15 pre- and post-operative pods. On the second floor of the property, Scott & Christie Eyecare maintains clinical space and corporate offices, and operates The Eye Research Institute (a clinical research facility) and Good Looks Eyewear, Inc.
The surgery center serves as the flagship location for Scott & Christie Eyecare Associates, which operate a second facility in Cranberry Township and a third in the Fox Chapel area of Pittsburgh. The group, which traces its origins to 1958, has earned a reputation for technological advances and outstanding patient care, offering patients a highly skilled, board-certified medical staff and a highly trained clinical team of RNs, including surgical and ophthalmic technicians.
The group consistently performs more than 2,000 ophthalmology procedures each year. The Surgery Center’s case volume is expected to grow in coming years following the recent addition of another ophthalmic surgeon to the practice.
“Montecito is an excellent partner and was instrumental in helping the seller achieve its goals for the property,” said Jeffrey J. Rihn, CPA, the seller’s CFO.
The surgery center is advantageously situated, with high visibility in a busy medical and retail corridor less than one mile from the University of Pittsburgh Medical Center (UMPC) Passavant Hospital-Cranberry. The property is located in a transportation corridor, making it conveniently accessible in all directions to the Greater Pittsburgh area.
Cranberry is one of the most affluent and fastest growing townships of the Pittsburgh Metropolitan Statistical Area (MSA). Located approximately 20 miles north of the city, Cranberry Township boasts a population of more than 30,000, with projections that the community will grow to 50,000 by 2030.
Nearly 70,000 residents live within five miles of the surgery center property, and the number of those aged 65 and older, who represent approximately 15% of the population now, is projected to grow by 29% between now and 2024.
The Surgery Center at Cranberry is the second acquisition in Pennsylvania for Montecito in the first quarter of 2021. In January, the company acquired the flagship location for Tri-Century Eye, the largest full-service eye care practice in the Philadelphia area.
About Montecito Medical
Montecito Medical is one of the nation’s largest privately held companies specializing in healthcare-related real estate acquisitions and funding the development of medical real estate. Montecito is a leading resource for both medical real estate owners and healthcare providers seeking to monetize or expand their holdings. Since 2006, it has completed transactions across the United States involving more than $5 billion in medical real estate. Headquartered in Nashville, TN, Montecito has been named as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Healthcare Real Estate Insights.