Montecito Medical, a leading acquirer of medical office properties nationwide, has acquired two medical office properties in northern New Jersey.
The fully leased buildings in Livingston and New Providence, New Jersey, offer more than 131,000 combined square feet of space. Summit Health is the anchor tenant for both buildings, occupying 100% of the 79,000+ square-foot Livingston property and 92% of the New Providence property.
Montecito acquired the two properties from The Silverman Group.
“We are delighted to acquire these outstanding medical real estate assets in the gateway market to New York City and for the opportunity to build a long-term relationship with one of the area’s top providers,” said Rus Gudnyy, Senior Vice President of Investments at Montecito Medical.
Summit Health operates both properties as multi-specialty facilities that provide a wide array of healthcare services.
Summit Health is a physician-driven, patient-centric network formed by the 2019 merger between Summit Medical Group, one of the nation’s premier independent physician-governed multispecialty medical groups, and CityMD, the leading urgent care provider in the New York metro area. Summit Health has more than 2,800 providers, 13,000 employees, and over 370 locations in New Jersey, New York, Connecticut, Pennsylvania, and Central Oregon.
“We are very pleased to establish a presence in the Greater New York City metro area as we steadily expand our company’s footprint across the Northeast,” 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.
