Company forms relationship with area’s leading health system
June 14, 2022
Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a medical office building in Hagerstown, Maryland.
The two-story building encompass 19,433 square feet of space. Meritus Pulmonary Consultants, part of the Meritus Health System, occupies 100% of the property.
“We are pleased for the opportunity to enter into a long-term relationship with the leading health system in western Maryland,” said Colin Verlac, Acquisitions Associate at Montecito Medical. “As we build a growing presence in Hagerstown, we also are pleased to be able to help an increasing number of providers better serve their patients.”
Julian P. Etches and Joe Donegan of Scheer Partners, Inc. brokered the transaction.
Northwest of Washington, D.C., Hagerstown anchors one of the fastest growing metropolitan areas in the United States. The property is situated approximately 2.5 miles north from downtown Hagerstown, in a retail area surrounded by residential neighborhoods. The physicians who practice in the building provide pulmonary and sleep medicine services.
With this acquisition, Montecito now owns three medical office properties in Hagerstown, representing a total of nearly 270,000 square feet. “We are very attracted to the strong fundamentals of this market, particularly the continuing growth,” said Chip Conk, CEO of Montecito Medical. “To date we have invested more than $30 million in this community, and we continue to pursue new opportunities here.”
About Montecito Medical
Montecito Medical is one of the nation’s largest privately held companies specializing in healthcare-related real estate acquisitions and funding the development of medical real estate. Montecito is a leading resource for both medical real estate owners and healthcare providers seeking to monetize or expand their holdings. Since 2006, it has completed transactions across the United States involving more than $5 billion in medical real estate. Headquartered in Nashville, TN, Montecito has been named for four consecutive years as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Real Estate Forum. The company’s CEO, Chip Conk, was named Healthcare Real Estate Executive of the Year for 2021 by Healthcare Real Estate Insights. For more information about Montecito Medical, please visit www.MontecitoMac.com.
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