Montecito Medical, a leading acquirer of medical office properties nationwide, has acquired a surgery center property in Halfmoon, New York.
The 10,000 square-foot building is tenanted by Northway Surgery and Pain Management Center.
The group’s physicians opted to retain 30% ownership in the property through Montecito’s Provider Real Estate Partnership (PREP) program.
“We are delighted to acquire this medical real estate asset and for the opportunity to build a relationship with these providers through a long-term lease and shared ownership of the property,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical.
J.H. Winokur, Inc. represented the seller in the transaction.
The facility includes four operating rooms as well as eight pre-op and eight post-op bays. Along with Northway Surgery and Pain Management, other practice groups in the area perform surgeries at the center.
Halfmoon is a suburb in the Albany-Schnectady-Troy NY Metropolitan Area, which has a population of approximately 900,000.
“We are thrilled to expand our growing presence in Upstate New York as we help providers make the most of their real estate,” 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 partnering with physicians and developers to fund development of medical real estate. The company also supports providers with a suite of AI-powered technology solutions that increase revenues, reduce costs and build physician wealth. Since 2006, Montecito has completed transactions involving more than $5 billion in medical real estate. Headquartered in Nashville, TN, the company has been named for five consecutive years as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Real Estate Forum. For more information, please visit www.montecitomac.com.
