The Boca Raton, FL-based Greenfield Group was the seller in the off-market deal. Ten of the properties are located in Florida in such cities as West Palm Beach, Tallahassee, Aventura, Atlantis, Margate, Melbourne, Loxahatchee and Lake Worth. The other properties are located in Richmond, VA; Glendale, AZ and two in Fort Wayne, IN.

Locally based Broad Street Advisors LLC arranged a joint venture between Montecito and Buchanan Street Partners. Robert Rizzi, executive vice president and partner at Broad Street, handled the details. "We were able to structure the transaction in about three weeks, which is a testament to the quality of the deal and to Montecito as the buyer," he tells GlobeSt.com, adding that medical office properties have just started to track on the radar screen over the past two years.

"The quick nature of the deal had a lot to do with the product type, which is highly sought after, and the fact that a majority of the properties are in Florida." Rizzi adds that Broad Street received a lot of interest from potential investors wanting to partner with Montecito. "It's no secret that there's a lot of capital out there."