EXCLUSIVE: 14-Building Medical Office Portfolio Trades for $250 Per SF

NEW YORK CITY-Jacksonville, FL-based Montecito Medical Investment Realty, an affiliate of Montecito Property Co., takes title to a class A 583,784-sf medical office portfolio for approximately $250 per sf. It marks the firm’s first foray into that niche. Previously, it concentrated on the residential condo conversion market. Montecito plans to convert most of the sites to medical office condominiums.

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.