Montecito Adds Medical Office Property in Northeastern PA

NASHVILLE, Tenn.--(BUSINESS WIRE)--Montecito Medical has completed the acquisition of a medical office property in Bethlehem, Pennsylvania.

The two-story, multi-tenant St. Luke’s Medical Office Building, which offers just under 20,500 square feet of space, is fully leased.

“We are pleased to be entrusted with this outstanding asset and for the opportunity to build a relationship with a leading health system and the physicians who practice in this building,” said Luke Zarzecki, Acquisitions Associate at Montecito Medical.

Jason Kramer, Josh Haber and Matt Lipson of Binswanger represented the seller in the transaction.

St. Luke's Health System, the building’s anchor tenant, is the leading provider of primary and specialty care in the greater Lehigh Valley in Pennsylvania and Warren County, New Jersey. With 14 hospital campuses and more than 2,000 physicians, St. Luke’s University Health is one the region’s largest health systems. The Bethlehem office is staffed by physicians specializing in internal medicine.

Bethlehem Eye Associates, the building’s other tenant, is an affiliate of Prism Vision Group. The practice’s 7 board-certified ophthalmologists provide advanced, comprehensive medical and surgical eye care. The physicians also teach the next generation of doctors, serving as a principal outpatient training location for St. Luke’s University Health Network doctors.

The property is advantageously situated in the heart of Bethlehem at the intersection of two highly traveled roads with convenient access to Routes 378 and 22. The building is also within a busy corridor of medical offices that is less than three miles from two hospitals with a combined total of 850 beds.

Bethlehem, which is approximately 50 miles north of Philadelphia, is part of Pennsylvania’s third-largest metropolitan statistical area (MSA).

The acquisition expands Montecito’s growing footprint in eastern Pennsylvania, with additional acquisitions in the area planned for 2022. “We are making significant investments in medical real estate in this area and look forward to working with physician groups here to build wealth while building stronger practices for their patients,” said Chip Conk, CEO of Montecito Medical.

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” for four consecutive years by GlobeSt.com and the editors of Real Estate Forum. Chip Conk, the company’s CEO, 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.