MEQUON — Montecito Medical, which owns medical office properties throughout the U.S., has acquired the new Ascension St. Mary’s Medical Office Building at the corner of Port Washington and Highland roads in Mequon.
The brand-new building, which offers approximately 30,000 square feet of space, is 100% leased to Columbia St. Mary’s, Inc., part of the Ascension Wisconsin Health System.
“This represented an excellent opportunity for us to acquire a brand-new asset in an extremely attractive submarket area and to build on a relationship with one of the nation’s largest and most respected health systems,” said Tyler Rhoades, director of acquisitions at Montecito Medical.
Ascension St. Mary’s will offer a variety of services at the medical office building, including primary care, dermatology, cardiology, Mohs surgery for treatment of skin and diagnostic radiology.
The clinic is expected to open in the next month.
“We were thrilled to develop this exceptional healthcare facility for such a respected tenant that will provide enhanced health care options for years to come,” said John T. Ford, partner of Mequon Medical LLC, the developer for the project.
The Mequon property adds to Montecito’s portfolio of newly constructed medical office buildings occupied by health systems in the Milwaukee area. In late 2020, the company also acquired the 130,000-square-foot Aurora 84South building in Greenfield.
One of more than a dozen medical office transactions closed by Montecito in December, the Mequon acquisition builds on what already had been a record-setting year for the company. “For us, 2021 marked the fifth consecutive year that we’ve shattered our previous record for acquisitions,” said Montecito CEO Chip Conk. “And we already have a robust pipeline for 2022.”
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.