Friday 21 January 2022

US-based medical office properties owner Montecito Medical has completed the acquisition of North Scottsdale, Arizona medical office complex Perimeter Center Commons, the company said.

Perimeter Center Commons is in the Phoenix metro area.

The two-story, 47,322 square-foot building is 100% leased. United Urology Group serves as the property's anchor tenant. Irgens, a national real estate firm with medical and office assets throughout Phoenix was the seller.

The company developed Perimeter Center Commons in 2019 and will continue to manage the property.

United Urology Group, which leases 52% of the building's space, is the dominant specialty practice in the area, with additional locations in Glendale, Mesa, Arrowhead and Peoria.

The group, whose primary focus is Arizona, is part of the nation's largest network of urology practices, with approximately 220 physicians, 50 advanced practice practitioners, and six affiliate groups across Arizona as well as in Colorado, Tennessee and Virginia.

Integrated Orthopedics, which leases approximately 17,650 square feet, is a well-known local group that specializes in orthopedic surgery, sports medicine and physical therapy.

Admire Plastic Surgery, led by a nationally recognized surgeon, Dr. Anthony Admire, occupies 5,239 square feet of the property's space.

Perimeter Center Commons is advantageously situated in North Scottsdale, about 13 miles north of downtown Scottsdale, just off the Highway 101 loop and near Scottsdale Airport.

North Scottsdale is an affluent suburb that is part of the 11th most populous MSA in the United States.

In 2020, the US Census Bureau documented Phoenix as the fastest growing city in the country for the fourth consecutive year.

The Perimeter Center Commons acquisition continues the expansion of Montecito's footprint in the market area. In the past year, the company has acquired three other medical office properties in the greater Phoenix metro area.

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.