NASHVILLE, Tenn.--(BUSINESS WIRE)--Montecito Medical Real Estate, one of the fastest growing firms in the country devoted exclusively to medical real estate, has acquired the Weston Medical Surgical Pavilion building, a Class-A, two-story 30,000-square-foot facility located within an affluent medical corridor in Weston, Florida. Weston is one of South Florida’s most desirable areas and a relatively new, master-planned community situated along the edge of the Everglades to the west and within easy reach of Fort Lauderdale to the east and Miami to the southeast.
The Weston Medical Surgical Pavilion was built in 2000 and is 95.7% occupied. The building is ideally located at 2229 N Commerce Parkway, just minutes off of Interstate 75, in a high-density area, within walking distance to several major retailers and independent restaurants. The building is anchored by market leading Weston Outpatient Surgical Center, a fully AHCA licensed and Medicare Certified ambulatory surgical center.
“Montecito worked closely with us and all of our people to get this transaction completed without interfering with the building’s tenants,” advised Richard Famiglietti and Saul R. Epstein, the two Managers of the General Partner of Weston Pavilion Partners, LLLP, the partnership that was the seller of the building.
The majority of the entire first floor is occupied by the Weston Outpatient Surgical Center, a 13,750-square-foot ambulatory surgery center that includes six operating rooms, two endoscopy suites and one special procedure suite. Specialties provided include gastroenterology, general surgery, gynecology, orthopedics, otolaryngology, pain management, plastic/cosmetic surgery, podiatry foot and ankle, and urology. The Surgical Center provides state-of-the-art, advanced instrumentation and high technology monitors, lasers and microscopic cameras. Other specialties in this building include Akumin, Advanced Dermatology and Cosmetic Surgery, and Select Physical Therapy (a national provider of rehabilitation services). Akumin, the renamed Tristate Imaging Group, is a leading provider of outpatient diagnostic radiology services, such as MRI and computed tomography (CT) scans, with location in multiple states, including Florida, Pennsylvania, Texas and Delaware. In 2013, Akumin acquired 16 diagnostic imaging centers in Florida, including the location at the Weston Medical Surgical Pavilion medical office building. Advanced Dermatology and Cosmetic Surgery has over 180 locations, including this location in the building.
“This medical office building, which includes the Surgical Center, is located in one of the best zip codes in the country,” explained Montecito CEO, Chip Conk. “We assess each medical market including patient demographics, patient growth and affluence among other things and this location falls in the top 1 percent nationally. Perhaps more importantly, this building houses a very successful ambulatory surgical center that is located near multiple successful hospital systems that will continue to provide exceptional healthcare services. We are excited to have purchased the building in which the Surgical Center is located.”
The Weston Medical Surgical Pavilion is the 25th medical office building that Montecito has acquired year-to-date in 2017 and the 99th medical office building since inception, representing more than $1.5 billion and 5 million square feet.
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 real-estate owners and healthcare providers seeking to monetize or expand their holdings. Montecito has offices in Nashville, TN, Austin, Texas and Orange County, California. Since 2005, it has acquired more than $1.5 billion in medical real estate totaling over 4.7 million square feet in 25 states. To date, Montecito has more than $1 billion in capital available to expand holdings in its medical office portfolio throughout the United States. Its current portfolio and healthcare system relationships include UCLA, Cleveland Clinic, Johns Hopkins, Holston Medical Group, Carolinas Health System, Bon Secours, Maine General, EmergeOrtho and State of Franklin Healthcare Associates.