NASHVILLE, Tenn.--(BUSINESS WIRE)--Montecito Medical Real Estate, a premier owner of medical office buildings throughout the U.S., has acquired Maine Eye Center’s Lowell Street Campus in Portland, Maine.
The Maine Eye Center has a practice lineage of more than 100 years and is northern New England’s most comprehensive eye specialty practice. The 34,000-square-foot Class-A medical office building is minutes from downtown Portland and the Portland Harbor.
“Montecito specializes in aligning with medical practices nationwide to accomplish win/win real estate transactions,” said Chip Conk, CEO of Montecito Medical. “We are thrilled to grow our presence within the Portland medical market and to partner with a leading healthcare provider like Maine Eye, who will be investing back into the new real estate entity that will own the Portland asset.”
The building is located within a half-mile of the region’s two major hospitals, including Maine Medical Center. That hospital, in particular, is planning a massive $512 million expansion that will add 300,000 square feet to its main campus.
“We’re happy to report that we have signed a long-term lease that allows us to remain in Portland to support the city, as we continue to provide the highest-quality eye care to our patients and serve our community,” said Maine Eye Center CEO Dick McArdle.
Including the Maine Eye Center, Montecito has acquired 20 medical office buildings over the past 12 months and has eight additional properties under Letter of Intent to close prior to year-end.
About Montecito Medical
The Nashville-based Montecito Medical is one of the nation’s largest privately-held companies specializing in healthcare related real-estate acquisitions, as a top resource for both property owners and healthcare systems looking to monetize or expand their holdings. Since 2005, Montecito has acquired more than $1.2 billion in medical real estate in 22 states and offers more than $1 billion in capital available to expand real-estate holdings. Its portfolio includes buildings occupied by the likes of UCLA, Cleveland Clinic, Johns Hopkins, Holston Medical Group, and State of Franklin Healthcare Associates. For more information, please visit MontecitoMac.com.