Montecito Medical Expands New England Presence with Providence Buy

PROVIDENCE, RI—Montecito Medical Real Estate reports it has acquired the University Medicine Medical Office Building in East Providence.

The four-story, 68,500 square-foot property is the largest facility for University Medicine, which operates nine other clinics throughout Rhode Island. University Medicine, which is part of Brown Physicians, Inc., is one of the largest primary care providers in Rhode Island.

The building was constructed in 2016 and is predominantly occupied by UM. The property is s located at the junction of Wampanoag Trail and Route 114—the East Shore Expressway, which connects Providence to the East Providence and Barrington area.

No financial terms of the transaction were released. University Medicine currently occupies 79% of the building. Other tenants include Brown Dermatology, Performance Physical Therapy and Asthma & Allergy Physicians of Rhode Island.

“Our company was impressed with not only the robust medical market dynamics in the Providence area, but also the practice itself, which is one of the strongest primary care groups in the state of Rhode Island,” says Chip Conk, CEO of Montecito Medical. “We are very excited to add this premier property to our growing portfolio of medical real estate, and to our expanding presence in New England.”

University Medicine is a non-profit primary care, specialty outpatient and sub-specialty medical group practice with more than 200 physicians across Rhode Island. A total of 77 physicians practice at the UM Medical Office Building in East Providence.

In May 2017, University Medicine announced a merger with five other Rhode Island practices to form an umbrella group known as Brown Physicians, Inc. The six entities that form the non-profit BPI include The Neurology Foundation, Inc.; University Emergency Medicine Foundation; University Medicine Foundation; University Surgical Associates, Inc.; Brown Urology; and Brown Dermatology, Inc. With more than 500 doctors, BPI is now one of the largest physician groups in Rhode Island.

Earlier this month, Montecito Medical acquired the medical office portfolio owned by Lancaster Neuroscience and Spine Associates in Lancaster, PA. The two adjoining medical offices, constructed in 2009 and 1993 respectively, represent a combined total of 41,322 square feet. Lancaster Neuroscience and Spine Associates leases 90% of the space in the first building and approximately 40% of the second building.

In July, Montecito Medical acquired the Beth Israel Deaconess medical office building in Plymouth, MA.