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Transactions: Montecito remains bullish on MOBs

Firm recently acquired seven MOBs totaling more than 239,000 s.f. in six states

By John B. Mugford

Among Montecito Medical’s recent acquisitions was this three-story, 79,278 square foot MOB at 890 Mountain Ave. in New Providence, N.J. The purchase price was $24.64 million, according to RevistaMed data. Silverman Group was the seller.
(Photo courtesy of LoopNet)

A slow medical office building (MOB) sales market during the past six months or so has not slowed one of the sector’s most prolific private investors.

Nashville, Tenn.-based Montecito Medical Real Estate has acquired 68 MOBs for a total of about $685 million during the past 12 months, according to HRE data research firm RevistaMed, including the purchase of 15 MOBs for at least $120 million since March 31.

The past few weeks have been an especially busy time for Montecito which, according to news releases from the firm, has acquired seven MOBs with a total of about 239,324 square feet in New Jersey, New York, Georgia, Kentucky, California and Virginia.

The largest of the recent purchases took place in

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