Montecito Medical News

• May 11th 2022
• Real Estate

Montecito Medical has completed the acquisition of a two-property medical office portfolio in the Rochester, New York, suburb of Penfield.

The two buildings, approximately one block apart from each other, have a total of approximately 40,000 rentable square feet. Both properties are 100% leased to University of Rochester (UR) Medicine.

“We are excited by the opportunity not only to acquire these two excellent medical properties but to partner with UR Medicine and the physicians who deliver care in these buildings,” said Tony Shallcross, Senior Associate-Investments at Montecito Medical. 

UR Medicine is Upstate New York’s largest and most comprehensive healthcare system, comprising six hospitals that collectively offer nearly 1,500 beds, seven emergency departments, and more than 1,000 specialists. UR Medicine also forms the centerpiece of the University of Rochester’s health research, teaching, and patient care missions and is the largest component of the University of Rochester.

Vanguard Realty Advisors facilitated the off-market transaction. “Montecito has been a great partner to work with over the years, and we are happy to have been a part of such an amazing acquisition,” said Daniel Wesson, Founder of Vanguard. 

Physicians at the 20,870-square foot property on Fairpoint Nine-Mile Point Road provide orthopedic and rehab services, while the providers at the nearby 19,713 square-foot building on Penfield Road offer family and internal medicine with x-ray and 3D mammography technologies onsite.

The two properties are located 8 miles east of downtown Rochester in the suburb of Penfield. The immediate neighborhood is comprised of mostly retail and residential properties. 

With approximately 1.1 million people, the Greater Rochester area represents New York State’s third-largest market. Penfield's workforce co-exists with major corporations and institutions that include Kodak, Xerox, and Bausch & Lomb. The University of Rochester and the Rochester Institute of Technology are research powerhouses and a cornerstone of the area’s economy.

The Windsong Medical Park acquisition continues the expansion of Montecito’s footprint in Western New York. In the past six months, the company also acquired two medical office properties in suburban Buffalo.

“We are building a strong presence in Western New York, and we continue to be attracted by the medical office opportunities here,” said Montecito CEO Chip Conk. “We look forward to being able to announce additional acquisitions here later in the year.”