News Summary
Montecito Medical has acquired a Class A orthopedic and surgery center in Warwick, Rhode Island, for $36 million. This strategic investment expands Montecito’s footprint in the Northeast healthcare market. The 67,186 square foot facility is leased by Ortho Rhode Island and Spire Orthopedics, both prominent providers in the area. Montecito aims to enhance community access to specialized care, aligning with long-term healthcare trends and fostering innovation in patient services.
Rhode Island – Montecito Medical has made a significant investment in healthcare real estate with the acquisition of a Class A orthopedic and surgery center located in Warwick, Rhode Island, for a purchase price of $36 million. This strategic move was formally announced on July 22 and marks an important expansion for Montecito Medical in the Northeast healthcare market.
The newly acquired facility spans 67,186 square feet and is currently leased by two prominent healthcare providers: Ortho Rhode Island and Spire Orthopedics. Ortho Rhode Island is a physician-owned practice recognized for its advanced orthopedic care and operates across eight locations statewide. Spire Orthopedics has established itself as the largest orthopedic platform in the region, featuring over 40 affiliated locations across Connecticut, New York, Massachusetts, and Rhode Island.
Matt Fair, a partner at Cushman & Wakefield | Hayes & Sherry, represented the seller in this transaction. Montecito Medical’s Senior Vice President of Investments, Rus Gudnyy, noted that the acquisition aligns with the firm’s focus on obtaining high-quality assets that are in sync with long-term healthcare trends and operated by strong clinical partners.
This acquisition continues Montecito Medical’s strategy to expand its portfolio in established healthcare markets, emphasizing the growing demand for specialty-driven, community-based care in Rhode Island. Chip Conk, CEO of Montecito Medical, indicated that the company aims to invest in properties that foster innovation and improve access to healthcare services for the community.
Montecito Medical’s operations extend across more than 35 states, showcasing a disciplined approach to identifying quality assets in established markets. The Warwick facility is a prime example of the firm’s commitment to securing real estate investments that enhance healthcare delivery.
The partnership with Ortho Rhode Island and Spire Orthopedics underscores the significance of this acquisition. Dr. Michael Bradley, President and CEO of Ortho Rhode Island, expressed enthusiasm for the collaboration and underscored Montecito’s commitment to patient care, indicating a strong alignment between the companies’ goals and values.
As the healthcare landscape continues to evolve, the investment in the Warwick orthopedic and surgery center reflects a broader trend in the industry towards specialized care that is accessible to local communities. Montecito Medical’s acquisition highlights its role as a trusted capital partner in the realm of healthcare real estate, further solidifying its position in the Northeast region.
This latest development not only reinforces Montecito Medical’s commitment to healthcare innovation but also demonstrates the ongoing demand for facilities that cater specifically to orthopedic and surgical needs. Such facilities play a crucial role in enhancing patient outcomes and ensuring that communities receive the care they require.
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