Montecito Medical Acquires Surgery Center Property in Buffalo Area
Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a medical building that is home to an ambulatory surgery center (ASC) in Amherst, New York.
The 28,000 square-foot facility, which was completed in 2017, is 100% leased to the Ambulatory Surgery Center of Western New York.
“It was a pleasure to work directly with the physicians and leadership on this tremendous acquisition,” said Tyler Rhoades, Director of Acquisitions at Montecito Medical. “We’re excited to add another surgery center asset in the Northeast to our portfolio and are thrilled to build upon our strong relationship with the Ambulatory Surgery Center of Western New York team.”
The physicians at the state-of-the-art surgery center perform an array of procedures for patients, ranging from ophthalmology to orthopedics, ENT, plastics, podiatry, pediatrics and pain management.
Ambulatory Surgery Center of Western New York is the largest and oldest ASC in Western New York. Established in 1999, the physician group now performs approximately 27,000 procedures each year at the multispecialty center in Amherst. In August, Catholic Health, a nonprofit healthcare system that serves patients in Western New York, acquired a majority stake in the surgery center.
“The experience we had with Montecito through this acquisition was extremely positive, and we look forward to a long-lasting relationship that brings future growth to our organization and the community,” said JoAnn Vecchio, Administrator of the Ambulatory Surgery Center of Western New York.
With a population of more than 126,000, Amherst is the second largest suburb to Buffalo, the nation’s 50th-largest metropolitan statistical area (MSA). The ASC property, approximately 16 miles from downtown Buffalo, is conveniently accessible from both Interstate 290 and a number of nearby residential neighborhoods.
The Amherst acquisition maintains Montecito’s record-setting pace for the year. To date, the company has completed 33 separate transactions in 2021, involving 37 medical office properties and more than 1 million square feet.
“In the past year, more medical office owners have trusted Montecito than any other buyer to help them maximize the long-term value of their property,” said Chip Conk, CEO of Montecito Medical. “We are excited and gratified by the confidence that so many physician groups around the country are placing in our team.”
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” for four consecutive years by GlobeSt.com and the editors of Real Estate Forum. Chip Conk, the company’s CEO, was named Healthcare Real Estate Executive of the Year for 2021 by Healthcare Real Estate Insights. For more information about Montecito Medical, please visit www.montecitomac.com.