News Summary
Montecito Medical has acquired a Class A orthopedic and surgery center in Warwick, Rhode Island, for $36 million. The 67,186 square foot facility is leased to Ortho Rhode Island and Spire Orthopedics. This acquisition aims to enhance healthcare quality in the region by investing in high-quality medical assets, aligning with Montecito Medical’s strategy to support strong clinical operators.
Rhode Island’s Warwick Welcomes New Orthopedic and Surgery Center
Montecito Medical, a leading investor in medical office real estate, has successfully acquired a Class A orthopedic and surgery center located in Warwick, Rhode Island, for $36 million. This extensive facility encompasses 67,186 square feet and is presently leased to two prominent healthcare providers: Ortho Rhode Island and Spire Orthopedics.
About the Healthcare Providers
Ortho Rhode Island is a physician-owned practice that operates throughout the state, well-regarded for its advanced orthopedic care and innovative surgical technologies. Spire Orthopedics, recognized as the largest orthopedic platform in the region, manages more than 40 affiliated locations across Connecticut, New York, Massachusetts, and Rhode Island, offering a wide range of specialty services.
Significance of the Acquisition
This acquisition represents a substantial investment in the medical landscape of Rhode Island, as highlighted by the facilitator of the transaction. The purchase aims to enhance the quality of healthcare available to the community and reinforces Montecito Medical’s commitment to focusing on quality assets within established healthcare markets.
Rus Gudnyy, Senior Vice President of Investments at Montecito Medical, emphasized the company’s strategy of investing in top-tier properties that are supported by strong clinical operators and long-term healthcare fundamentals. Montecito Medical, which oversees a portfolio including properties across more than 35 states, remains dedicated to bolstering patient care and access to necessary medical services.
Industry Perspective
The acquisition has garnered positive feedback from key stakeholders. Dr. Michael Bradley, President and CEO of Ortho Rhode Island, expressed optimism about the partnership with Montecito Medical, particularly due to their shared values regarding patient care and service excellence.
Conclusion
Montecito Medical’s significant acquisition in Warwick marks an important step toward enhancing orthopedic and surgical care in Rhode Island. It reflects a strategic alignment between the company’s vision for quality healthcare investments and the operational strengths of its tenants, ensuring improved patient access to necessary orthopedic services.
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Author: STAFF HERE PROVIDENCE WRITER
PROVIDENCE STAFF WRITER The PROVIDENCE STAFF WRITER represents the experienced team at HEREProvidence.com, your go-to source for actionable local news and information in Providence, Providence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as WaterFire, Rhode Island International Film Festival, and Rhode Island Comic Con. Our coverage extends to key organizations like the Greater Providence Chamber of Commerce and Providence Warwick Convention & Visitors Bureau, plus leading businesses in finance and manufacturing that power the local economy such as Citizens Financial Group and Textron. As part of the broader HERE network, we provide comprehensive, credible insights into Rhode Island's dynamic landscape.
