Montecito Medical has purchased an ambulatory surgery center (ASC) property in Indiana.
Announced on Aug. 13, the transaction adds to the recent M&A activity surrounding ASC operators and facilities. Financial terms of Montecito Medical’s acquisition were not disclosed.
“We are excited to add this high-quality ASC asset to our portfolio as we expand our footprint in the Greater Chicago MSA,” Rus Gudnyy, senior vice president of investments at Montecito Medical, said in a company announcement.
Montecito Medical specializes in health care-related real estate acquisitions. As part of its business model, Montecito also partners with physicians and developers to fund development of medical real estate.
The Nashville, Tennessee-based company has completed transactions involving more than $5 billion in medical real estate since 2006.
Montecito’s property buy in Indiana was for a 9,200-square-foot outpatient surgery building in Chesterton. The property is 100% occupied by Dune Grass Surgical Suites, according to Montecito’s announcement.
Providers at the property perform orthopedic and spine surgeries. The property was completed in 2022.
“We continue to invest in this market because of its attractive fundamentals and continue to pursue new opportunities to help medical office owners make the most of their real estate,” Chip Conk, CEO of Montecito Medical, said in the announcement.
The Chesterton property represents the eighth medical office acquisition in the greater Chicago MSA in the past 24 months, according to Montecito.
Dune Grass Surgical Suites lists SurgCenter Development as its partner on the ASC group’s homepage.
Tenet Healthcare (NYSE: THC), parent company of ASC giant United Surgical Partners International (USPI), acquired SurgCenter Development and its dozens of ASCs for approximately $1.2 billion in November 2021.
