NASHVILLE, Tenn.--(BUSINESS WIRE)--Montecito Medical Real Estate, a premier owner of medical office buildings throughout the U.S., has acquired a significant healthcare property from Orthopaedic Associates of Wisconsin (OAW), one of the state’s leading providers of orthopedic services.
The acquisition involved a large medical office building in Pewaukee, Wisconsin, approximately 20 miles west of Milwaukee. The approximately 71,000-square-foot facility is the primary location for OAW, which serves the greater Milwaukee, Chicago, Waukesha and Madison areas.
“We here at OAW looked long and hard for the right partner to deal with on the sale of our building. Montecito checked all the boxes and in doing so were professional, respectful and outstanding to work with from start to finish. Their vast experience and diverse portfolio was impressive and we are now part of their holdings,” said Orthopaedic Associates of Wisconsin Chief Administrative Officer, Mark Smith.
Built in 2016, the two-story OAW facility, which is 100% occupied, also houses an accredited ambulatory surgery center (ASC) with five operating rooms and 20 prep and recovery rooms. In the 24,563-square-foot ASC, surgeons perform a variety of outpatient procedures, including total joint replacement, spine surgery, arthroscopic procedures, fracture care, local procedures and with epidural steroid injections. The ASC is a joint venture between OAW and ProHealth, the largest health system in Waukesha County.
In addition to the surgery center, the property encompasses a 5,000-square-foot imaging center with an MRI, along with 31,500 square feet of clinical space and 10,000 square feet of physical therapy space. The building also houses a 15,200-square-foot covered parking garage on the lower level with 32 stalls.
“This asset is a great addition to our portfolio,” said Chris Conk, Senior Vice President for Acquisitions and a Principal of Montecito Medical. “We’re excited to partner with a leading healthcare provider like Orthopaedic Associates of Wisconsin. We’re also excited about expanding our presence within the Milwaukee medical market. This transaction brings our footprint to almost 200,000 square feet of medical office space in the Milwaukee MSA.
Orthopaedic Associates of Wisconsin has been providing exceptional orthopedic care to the residents of Waukesha County and the surrounding communities since 1962 and has grown to become Wisconsin's premier multi-physician orthopedic practice.
The practice currently has 15 orthopedic surgeons, one primary care orthopedic physician, two pain management physician specialists, two anesthesiologists, and 10 physician assistants. They also cover a wide range of subspecialties, including hand and upper extremity, spine, arthroplasty, total joint reconstruction, sports medicine, foot, and ankle surgeries. While OAW maintains another location in Mukwonago, southwest of Milwaukee, nearly all staff practice from the location in Pewaukee acquired by Montecito. All physicians at OAW are fellowship-trained in specialty orthopedics; are board-certified or board-eligible; and have advanced training in their respective fields.
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, Tenn., Austin, Tex., Portland, Ore. and Orange County, Calif. Since 2005, it has completed transactions in 25 states involving more than $2.33 billion in medical real estate and totaling over six million square feet. 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, Urology of Virginia, Bon Secours, Maine General, EmergeOrtho and State of Franklin Healthcare Associates.