Montecito Medical Acquires Medical Building in Western Massachusetts

Springfield property is tenanted by leading ophthalmology group

NASHVILLE, Tenn.--(BUSINESS WIRE)--Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a medical building in West Springfield, Massachusetts, that includes an ophthalmic surgery center.

The property, which offers 22,158 square feet of space, is leased to Eye and LASIK Center, a market-dominant specialty practice group.

“We are very pleased for the opportunity to acquire this recently renovated medical building, and we are excited to enter into a long-term relationship with such a successful and growing physician group,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical.

The West Springfield property, which serves as the group’s flagship office, is one of four locations for Eye and LASIK Center, a fast-growing practice that includes nine ophthalmologists and 13 optometrists. The group provides a broad range of eye care services, including ophthalmic surgical procedures. The Springfield center includes two surgical suites where physicians perform LASIK and other minor surgical procedures.

The property is advantageously located northwest of downtown Springfield, in a major shopping corridor with convenient access to three major highways. The facility is also situated 2.5 miles from Baystate Medical Center, a 716-bed teaching hospital that is part of an integrated regional health system.

The Springfield acquisition continues Montecito’s recent expansion in New England. Earlier this year the company acquired medical office facilities in East Greenwich, Rhode Island, and Fairfield and Shelton, Connecticut.

“With medical office values at an all-time high, it’s no surprise that many physician groups are looking to monetize their buildings right now,” said Chip Conk, CEO of Montecito Medical. “We are excited that a greater number of owners than ever before are choosing us as their partner to help them make the most of their real estate.”

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” by GlobeSt.com and the editors of Real Estate Forum. For more information about Montecito Medical, please visit www.montecitomac.com.