NASHVILLE, Tenn.--(BUSINESS WIRE)--Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of the Cypress Surgery Center building in Wichita, Kansas.
The property, which offers approximately 33,600 square feet of space, is 100% leased to Cypress Surgery Center.
“We are pleased to have acquired this outstanding facility, which plays an important role in healthcare delivery in this area,” said Rus Gudnyy, Senior Vice President of Investments at Montecito Medical.
Cypress Surgery Center is the market leader in the Wichita/Sedgwick County area, with more than 11,000 procedures performed annually. More than 130 physicians practice at the center, which provides services that include orthopedic surgery, gastroenterology, general surgery, OB/GYN, ophthalmology, oral surgery, pain management, urology, ENT and plastic surgery.
Newmark Healthcare Capital Markets Group advised the seller on the transaction.
"With 130 physicians, this is among the highest volume surgery centers of its kind. It's also what has and will continue to contribute to the success of the campus and Montecito's surgery center long term," said Ben Appel, Executive Managing Director of Healthcare Capital Markets for Newmark. "Hats off to Montecito, which closed the transaction in record time!"
The property is situated in an established medical corridor, with convenient access from Interstate 235 and Highway 96.
The Wichita acquisition marks Montecito’s entry into Kansas. “Wichita represents an excellent market opportunity for us, and we look forward to making many more medical real estate investments across this area,” said Montecito CEO, Chip Conk.
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 for four consecutive years as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Real Estate Forum. The company’s CEO, Chip Conk, was named Healthcare Real Estate Executive of the Year for 2021 by Healthcare Real Estate Insights. For more information about Montecito Medical, please visit www.MontecitoMac.com.
