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Montecito Acquires Medical Office Property in Northeastern Pennsylvania, USA
Thursday 18 August 2022

US-based healthcare-related real estate Montecito Medical has completed the acquisition of a medical office property in Bethlehem, Pennsylvania, the company said.

The two-story, multi-tenant St. Luke's Medical Office Building, which offers just under 20,500 square feet of space, is fully leased.

Jason Kramer, Josh Haber and Matt Lipson of Binswanger represented the seller in the transaction.

St. Luke's Health System, the building's anchor tenant, is the provider of primary and specialty care in the greater Lehigh Valley in Pennsylvania and Warren County, New Jersey.

With 14 hospital campuses and more than 2,000 physicians, St. Luke's University Health is one the region's largest health systems. The Bethlehem office is staffed by physicians specializing in internal medicine.

Bethlehem, which is approximately 50 miles north of Philadelphia, is part of Pennsylvania's third-largest metropolitan statistical area.

The acquisition expands Montecito's growing footprint in eastern Pennsylvania, with additional acquisitions in the area planned 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 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 USD 5bn in medical real estate.
Date Published: 18/08/2022